HC Deb 16 November 1987 vol 122 c408W
Mr. David Shaw

To ask the Chancellor of the Exchequer if he will give a direction to the Bank of England under section 4(1) of the Bank of England Act 1946 to the effect that no funds which the bank(a) owns, and (b) manages or controls on behalf of Her Majesty's Government, nationalised industries and public sector bodies shall be used for any purpose in connection with the purchase or underwriting of shares in the current Eurotunnel equity share issue.

Mr. Teddy Taylor

To ask the Chancellor of the Exchequer (1) if he will issue a general directive to the Bank of England that it should not use funds managed or controlled by it to underwrite the Eurotunnel share issue; and if he will make a statement;

(2) if he will give a general directive to the Bank of England that it should not risk the funds controlled or managed by it in Eurotunnel; and if he will make a statement.

Mr. Lilley

Such a directive would be inappropriate. Furthermore, it would be unnecessary because the Bank of England has told the Treasury that it has no intention of using such funds in connection with the current Eurotunnel equity share issue.

Mr. Teddy Taylor

To ask the Chancellor of the Exchequer (1) what discussions he has had with the Bank of England about the equity issue of Eurotunnel; and if he will make a statement;

(2) what discussions he has had with the Bank of England about the underwriting of the Eurotunnel issue; and if he will make a statement.

Mr. Lilley

My right hon. Friend the Chancellor of the Exchequer has had no such discussions. But the Bank has told the Treasury that it has no intention of using its funds in connection with the Eurotunnel issue.

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