§ Mr. Robert Banks
asked the Secretary of State for Trade and Industry if he will set out the broad terms agreed which enabled Mr. MacGregor to be employed within the British Steel Corporation and the payments which have consequently been made.
§ Mr. Butcher
Payments due to Lazard Freres of New York in compensation for it agreeing to release Mr. MacGregor to serve as chairman of the British Steel Corporation are described in a document that was deposited in the Library of the House on 15 April 1981. Separately, Mr. MacGregor himself receives a salary from the British Steel Corporation, the authorised level for which is now £60,680 a year. At his request, however, he has continued to receive the annual level of £48,500 which applied when he took up the chairmanship in July 1980.