§ Lord Barnettasked Her Majesty's Government:
What are the estimated net receipts (i.e. net of all related costs) from the sale of British Telecom shares and what is the estimated share of attributable profits forgone in the current financial year.
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Lucas of Chilworth)The estimated net receipts from the sale of British Telecom shares will be about £3.7 billion, excluding the cost of the telephone bill voucher and share bonus arrangements, which will depend on the pattern of shareholding in BT in the future. I cannot speculate on the profits that might have been earned by British Telecom Corporation in the current financial year if the business had not been privatised, nor would it be appropriate for me to forecast the profits that British Telecommunications plc can be expected to make.