HC Deb 12 May 1986 vol 97 c433
5. Mr. Ray Powell

asked the Secretary of State for Energy when he last met the chairman of the British Gas Corporation to discuss privatisation.

Mr. Peter Walker

I regularly meet the chairman of the British Gas Corporation.

Mr. Powell

Given the fall in oil prices and the questions raised by a number of my hon. Friends, and given that there is such a delay in legislation getting through the other place, when does the Secretary of State expect to float shares in BGC, and what does he expect to get for them?

Does the right hon. Gentleman agree that, as a result of the elections on Thursday, it is high time that the Government reconsidered their position on this major legislation and withdrew their controversial proposal?

Mr. Walker

I am delighted to say that the progress of the legislation is exceedingly good and that preparations for the flotation are going well. I look forward to the floatation in the autumn, and I shall do my best to ensure that the hon. Gentleman gets a special form.

Mr. Greenway

Is my right hon. Friend aware that BGC employees are looking forward to privatisation because they will have a direct stake and interest in their industry for the first time, and that customers are looking forward to privatisation because they know that they will get a better service?

Mr. Walker

I believe that both employees and customers are looking forward to privatisation. Doubtless its widespread popularity is the reason why Opposition Members are not looking forward to it.

Mr. Orme

Does the Secretary of State agree that, given the fall in oil prices, we should not sell the shares at any price?

Mr. Walker

I agree that we should not sell the shares at any absurd price, but there is nothing happening at present that will prevent a successful flotation in the autumn.