§ 4. Mr. Formanasked the Chancellor of the Exchequer if he will make a statement on Government policy towards the fiscal encouragement of wider share ownership.
§ Mr. BrookeOver the past seven years the Government have significantly improved and extended the tax reliefs available for participation in company share schemes. The number of all-employee share schemes has increased considerably, from 30 in 1979 to over 1,150 today.
§ Mr. FormanIs my hon. Friend aware that these figures are very welcome, but that the time has come when the Government need to go further in this direction? Does he accept the powerful case that is being advanced by people in all parties, I believe, that employee share schemes that are available to all employees should have some measure of time-limited tax relief? Will he draw this important point to the attention of our right hon. Friend the Chancellor of the Exchequer when he is considering his next Budget?
§ Mr. BrookeI welcome my hon. Friend's remarks. Further relief will be kept under review in the manner in which it steadily has been over the past seven years. A great deal has already been achieved, but I shall draw my hon. Friend's words to the attention of our right hon. Friend the Chancellor of the Exchequer.
Mr. John Mark TaylorWill my hon. Friend accept from those of us who do not have any family silver how pleased we are with the performance of our Jaguar, Telecom, TSB, Cable and Wireless, British Aerospace and other shares?
§ Mr. BrookeI am grateful to my hon. Friend for his comment. He may be interested to know that of the companies which have been privatised, 350,000 employees, or 80 per cent. of the employees therein, have become shareholders.