HC Deb 10 June 1996 vol 279 c12
10. Mr. Jon Owen Jones

To ask the Secretary of State for Transport how many individuals were successful in their application to buy Railtrack shares. [30610]

Sir George Young

Some 650,000 applications from individuals were successful in the Railtrack share offer.

Mr. Jones

The Minister has not told us that 10 per cent. of the shareholders sold their shares within one day of the announcement, at an average profit of £100 per person for taking no risk and making no effort. Is that not an example of what a rip-off the privatisation process has been?

Sir George Young

Certainly not. I hope that the hon. Gentleman will welcome the fact that 9,000 employees of Railtrack bought shares in their company. If the Labour party believes in a stakeholder society, I hope that the hon. Gentleman will welcome the fact that we have given Railtrack employees the opportunity, for the first time, to have a stake in their industry's success.