§ Mr. Nigel GriffithsTo ask the Chancellor of the Exchequer (1) if he will publish a table, showing for each nationalised industry privatised over the period 1979 to 1990 or in course of being privatised(a) the date of the original ministerial announcement of impending privatisation, (b) the date of publication of a White Paper or comparable document, (c) the date of publication of the relevant Bill, (d) the date on which Royal Assent was given and (e) the date of the actual privatisation;
(2) if he will publish a table showing, for each nationalised industry, public corporation, trading fund or Government-owned company sold since 1979 (a) the fees and commissions paid by Government Departments to merchant bankers, solicitors, underwriters, advertising agencies, and like advisers and expenditure, (b) the estimated cost of Government and civil service manpower on these activities, (c) the comparable expenditure on fees and commissions paid by the said enterprises, (d) the estimated cost of enterprise time on these activities, (e) the asset value, at both historic and current cost, at the last balance sheet date prior to the sale, (f) the gross proceeds of the sale and (g) net sales proceeds to the Exchequer;
(3) if he will publish a table showing, for each nationalised industry, public corporation, trading fund or Government-owned company sold since 1979 (a) the name of the enterprise and the date of the sale, (b) the number of founding shareholders, (c) the number of shareholders at successive anniversaries of sale, or at the nearest available date, (d) the proportion of shares at each date held by the largest 10, 50 and 100 private shareholders and (e) the proportion of shares initially retained by the Government, and the date and percentages of subsequent disposals.
§ Mr. Norman LamontI regret that it has not been possible to provide an answer before the summer recess. I shall therefore write to the hon. Member and place a copy of the letter in the Library.
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§ Mr. Gerald HowarthTo ask the Chancellor of the Exchequer if he will estimate the amount of subsidies paid in 1978–79 to companies privatised since 1979.
§ Mr. Norman Lamont[holding answer 23 July 1990]: The companies privatised since 1979 received subsidies of £19 million in 1978–79. This excludes capital grants and public dividend capital which, as they are not payments for current expenditure, do not fall within the national accounts or public expenditure survey definition of subsidy.
§ Mr. CousinsTo ask the Chancellor of the Exchequer, pursuant to the answer given to the hon. Member for Carshalton and Wallington (Mr. Forman) on 18 July,Official Report, column 590, how much British Gas Employee Share Trustees Ltd., would have saved if the shares in British Gas had been sold to them at a price equivalent to that at which they were sold to S. G. Warburgs.
§ Mr. Norman LamontThe price at which shares were sold to British Gas Employees Share Trustees Ltd. was halfway between that at which they would otherwise have had to buy in the market and the price achieved by the Treasury in the bought deal with Warburgs. Both sides therefore benefited equally from the sale to the extent of some £300,000.
§ Mr. Nigel GriffithsTo ask the Chancellor of the Exchequer if he will publish a table showing, for each nationalised industry, public corporation, trading fund or Government-owned company sold since 1979 in cases where a golden share existed at the time of sale(a) the name of the enterprise and the date of the sale, (b) the principal eventualities against which that golden share was designed to safeguard, (c) the expiry date and the date on which the golden share has been retired and (d) restrictions on the size of shareholdings, or on the nationality of shareholders, including how these have changed over time; and if he will place in the Library copies of relevant documentation under (b), (c) and (d).
§ Mr. Norman LamontI have today placed in the Library details of the Government's special shares in privatised companies. The memorandum and articles of association of the relevant companies may be obtained from Companies House or the companies themselves.
§ Mr. Nigel GriffithsTo ask the Chancellor of the Exchequer if he will publish a table for 1989–90 outturn and 1990–91 year to date, comparable with table 21.5.13 of Cm. 1021.
§ Mr. Norman LamontOutturn figures for net privatisation proceeds in 1989–90 are given in the table. Figures for 1990–91 will be reported in the usual way. The target for net proceeds in 1990–91 is £5 billion.
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Net privatisation proceeds 1989–90 Company £ million British Gas plc—redemption of debt 800 British Petroleum plc—sale of shares (third instalment) 1,367 British Steel plc—sale of shares (second instalment) 1,285 British Telecommunications plc—loanstock 92 Forestry Commission 14 Rover 150 Short Brothers 30 Water plcs—sale of shares 493
Company £ million Miscellaneous1 -7 Total 4,224 1 Includes expenses which cannot be netted off the associated sale because they arose in a financial year in which there were no proceeds from the sale.
§ Mr. Nigel GriffithsTo ask the Chancellor of the Exchequer if he will publish(a) a table of financial targets published for the nationalised electricity, gas, telecommunications and water industries in the period 1978 to 1990, indicating both revisions and outturns against targets and (b) a similar table for external financing limits.
§ Mr. Norman LamontTo provide a table with all the information requested would involve disproportionate cost. Some of this information is, however, readily available in public expenditure White Papers, cash limit outturn White Papers and the individual industries' annual reports and accounts.