HC Deb 03 March 1997 vol 291 cc503-4W
Mr. Spearing

To ask the Secretary of State for Transport if he will place statutory limits on the re-sale of shares to those currently employed or contracted to London Underground Ltd. in the event of a management buy-out. [18349]

Mr. Bowis

Our proposals for encouraging employees and others to acquire a stake in the privatised London underground will be explained in the White Paper we plan to publish this summer.

Mr. Spearing

To ask the Secretary of State for Transport, pursuant to his oral statement of 25 February,Official Report,columns 149–65, concerning London Underground Ltd., what (a) consultants and (b) advisers he intends to employ for what specific purposes and at what estimated costs; and from which vote such payments would be made. [18348]

Mr. Bowis

My right hon. Friend intends shortly to commence the process of inviting bids for the provision of professional advice on the financial implications of privatisation of the London Underground, and of the options outlined in his statement. No estimates have yet been made of the cost of such an appointment; nor have decisions been taken on the vote from which such an appointment would be funded.

Mr. Spearing

To ask the Secretary of State for Transport, pursuant to his oral answer to the hon. Member for Vauxhall (Ms Hoey) of 25 February,Official Report, column 161, concerning consultations over the privatisation of London Underground, if he will list those bodies he intends to consult and indicate for each the scope of such consultation. [18344]

Mr. Bowis

My right hon. Friend intends to consult a wide range of bodies, including but not limited to London Transport, the Health and Safety Commission, the Rail Regulator, Office for Passenger Rail Franchising, the London Pride Partnership and the London Regional Passengers' Committee. Consultation will cover matters relevant or of concern to each body. We expect that many other bodies will also wish to let him have their views.

Mr. Spearing

To ask the Secretary of State for Transport, pursuant to his oral statement of 25 February,Official Report,columns 149–64, on London Underground from what source he estimates that any privatised section of the activities of London Underground will provide funds for paying interest on capital borrowings (a) prior to and (b) subsequent to the completion of payment of receipts from shares being invested in capital improvements to improve structure or equipment. [18347]

Mr. Bowis

This would depend on the structure for privatisation chosen and on the arrangements made by the private sector operator concerned.