§ 2.55 p.m.
§ LORD MANCROFT rose to move, That the Iron and Steel (Compensation to Officers and Servants) (No. 1) Regulations, 1953, be approved. The noble Lord said: My Lords, Section 24 of the Iron and Steel Act, 1953, requires my right honourable friend the Minister of Supply to make regulations for the payment of compensation to employees of privately owned iron and steel companies which came into public ownership within the meaning of the Iron and. Steel Act, 1949, who suffered, or suffer, loss of employment or loss or diminution of emoluments or pension rights in consequence of nationalisation. The Draft Regulations now before your Lordships' House follow the principles for compensation on nationalisation laid down in the regulations made by the previous Government and approved by your Lordships' House, with only two minor amendments with which I need not trouble your Lordships. These Regulations introduce no new point of principle; they have been approved by all concerned, including the T.U.C., and I hope your Lordships also will give them your approval. I beg to move.
135§ Moved, That the Iron and Steel (Compensation to Officers and Servants) (No. 1) Regulations, 1953, reported from the Special Orders Committee on Wednesday last, be approved.—(Lord Mancroft.)
§ On Question, Motion agreed to.