HC Deb 07 July 1977 vol 934 c639W
19. Mr. Dykes

asked the Chancellor of the Exchequer if he will make a statement on the outcome of the Government's recent public offer of shares in British Petroleum.

Mr. Joel Barnett

During June the Government sold some 66.8 million units of BP ordinary stock. This sale, which reduces the authorities' holding in the company to 51 per cent., was announced in December 1976 as part of the IMF package. The net proceeds of sale are expected to be in the region of £560 million, all of which is receivable in the current financial year.