§ 40. Mr. Brian Jenkins (Tamworth)What the ratio of assets will be in (a) property and (b) shares for the financial year 1997–98. [42029]
§ Mr. Stuart Bell (Second Church Estates Commissioner, representing the Church Commissioners)At the end of the commissioners' financial year in December 1997, the proportion of their investment assets in commercial property was 14 per cent. Their agricultural and residential estates amounted to a further 8 and 6 per cent. respectively. The proportion of their assets in UK equities was 52 per cent. and in overseas equities, 9 per cent.
§ Mr. JenkinsI thank my hon. Friend for that answer. Is he as concerned as I am about the move that the Church Commissioners have been making into equities? Bearing in mind the turbulent nature of some of those markets, does he feel that that is an investment that gives the security that the electorate deserve?
§ Mr. BellMy hon. Friend is right to draw attention to the volatility of the equity markets, certainly those in the far east. Having studied independent research, the commissioners believe, however, that UK equities provide the best long-term match with their expenditure commitments and intend to retain them as the cornerstone of their fund, whatever the short-term fluctuations in the market.