National Nuclear Corporation

HC Deb 27 July 1988 vol 138 cc291-2W

Mr. Hind

To ask the Secretary of State for Energy if he will make an announcement on the future of the United Kingdom Atomic Energy Authority shareholding in the National Nuclear Corporation.

Mr. Parkinson

An understanding has been concluded today for the General Electric Company plc to purchase the UKAEA's 35 per cent, minority shareholding in the National Nuclear Corporation. The Government, on whose behalf the UKAEA has owned these shares, has agreed to a purchase price of £14 million. It is the intention to sign a contract for sale in the near future.

I believe this development, which will give GEC a majority shareholding, will remove uncertainty about the Corporation's future.