HC Deb 02 February 1979 vol 961 c587W
Mr. Sydney Irving

asked the Secretary of State for Industry what assistance has been given in the last two years to managers and workers in subsidiaries of companies to purchase their own companies.

Mr. Les Huckfield

Selective financial assistance is normally available for investment in manufacturing businesses, however purchased: no assistance has been given in the past two years specifically for the purpose set out in my right hon. Friend's question. Under the Industrial Common Ownership Act 1976 my right hon. Friend has made available £250,000 over five years to help relevant bodies with the provision of loans to workers—controlled enterprises. Industrial Common Ownership Finance Ltd. is administering this scheme. So far, seven such loans totalling £46,000 have been made.

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