§ Mr. Dennis Skinner (Bolsover)I beg to ask leave to move the Adjournment of the House, under Standing Order No. 10, for the purpose of discussing a specific and important matter that should have urgent consideration, namely,
Prime ministerial conflict of interests in relation to share dealings.The matter is specific, Mr. Speaker, because it refers to the head of the Government in the United Kingdom dealing in shares from 10 Downing street and using that building as an arm of the stock exchange.It is also specific because it has always been generally understood in the House that, like councillors and others who represent the public in matters of accountability, Government Ministers, including the Prime Minister, do not become involved in dealing in shares because they are privy to inside information that the ordinary public does not have. In these days of privatisation, there have been countless instances when the Government and the Prime Minister have been and were privy to such information and could have made millions.
The matter is important because there is a conflict of interests. It is not right and proper that in these days of massive speculation on the stock exchange, when the Financial Times index has gone through the 1,400 barrier, we should dismiss lightly the fact that a Prime Minister has been dealing in shares.
The matter is important because No. 10 Downing street does not belong to the Prime Minister but to the nation, and it is used for Cabinet meetings every week. It is also used for Budgets, and announcements are made by the Prime Minister and many other Ministers with advance information that could lead to a lot of money being made 626 by a lot of people. That is why it has been generally agreed over the years that Ministers and Prime Ministers do not become involved in speculation. The matter is also important because it is set against a backcloth of City fraud that has been unsurpassed in these many years. I do not have to go further down that road.
The matter is also important because of the public disquiet about it and because many people—I am among them—believe that there should be a full and independent public inquiry into the whole matter so that the people can judge for themselves.
The matter is urgent because it has occurred since the House last met on Friday and because the Prime Minister has refused to come to the House today, as she should have done, to make a Prime Ministerial statement to explain the matter. It is also urgent because the Committee considering the Financial Services Bill is meeting upstairs and one of its jobs is to clear up the question of conflict of interests as it applies to people in the City of London and Ministers.
The matter is important, urgent and specific. We might have gone to the Director of Public Prosecutions but we have no faith in him.
§ Mr. SpeakerThe hon. Member for Bolsover (Mr. Skinner) asks leave to move the Adjournment of the House for the purpose of discussing an important and specific matter that he thinks should have urgent consideration, namely,
Prime ministerial conflict of interests relating to share dealings.I have listened with care to what the hon. Gentleman has said, but I regret that I do not consider that the matter he has raised is appropriate for discussion under Standing Order No. 10 and, therefore. I cannot submit his application to the House.
§ Mr. SkinnerIt will not go away.