§ Mr. Malcolm Bruce
To ask the Chancellor of the Exchequer what is his estimate of the effect on(a) consumer expenditure and (b) the growth of gross domestic product, of the planned share distribution by the planned Leeds-Halifax building society merger and conversion, on the basis of current plans and current market capitalisation. 
§ Mr. Nelson
[holding answer 28 April 1995]: The societies have not published details of the share distribution which will form part of their proposed conversion. So it has not been possible to make an estimate of any wider economic effects of the conversion. Any estimate would, in any case, be subject to a great deal of uncertainty, because of the assumptions which would have to be made about the behaviour of those investors receiving a share distribution.