§ Mr. Murphyasked the Chancellor of the Exchequer whether he will make a statement about the Government's holding of BP shares.
§ Mr. RidleyOn 21 October I announced that the Government intend to acquire the Bank of England's shareholding in the The British Petroleum Company Ltd. An agreement has now been concluded with the Bank, and the shares will be transferred early in the new year, subject to Parliamentary approval of a Winter Supplementary Estimate for the provision of the necessary funds. My hon. Friend will also wish to note that under a "gentleman's agreement" with the The Distillers Company Ltd. made on 3 January 1967 Her Majesty's Treasury has the right of first refusal over any of the BP shares which Distillers might wish to sell. Treasury Ministers have now reviewed this arrangement and decided that it should be regarded as having formally lapsed.