§ Mr. Evennett
asked the Secretary of State for the Environment if he will make a further statement regarding the transfer of Thamesmead from the London Residuary Body to Thamesmead Town.105W
§ Mr. Waldegrave
[pursuant to his reply, 15 July, c. 534]: I have today directed the London Residuary Body, under section 65 of the Local Government Act 1985, to transfer Thamesmead to Thamesmead Town by 27 July 1987.
The financial terms for the transfer are designed with the twin objectives of enabling the company to remain viable and protecting the interests of London ratepayers.
Because the financial position of the company depends critically on the number of sales to sitting tenants and of vacant dwellings which it can achieve, it will make an initial payment to the LRB of £2.5 million but will pay a proportion of the receipts from sales thereafter. The company will therefore have an incentive to maximise sales and so to maximise the price paid to the LRB.
I have placed a full description of the financial and other terms in the Library of the House.
I should like to congratulate the residents of Thamesmead on choosing to run their own affairs independently of any public sector control. I wish them, the locally elected board members, staff and their chairman Clive Thornton every success in completing and managing their town.