§ Mr. Edward Lyonsasked the Secretary of State for Trade and Industry (1) on what date his Department first became aware that the Tulketh Group was in serious financial difficulties;
(2) on what date his Department first became aware that the Phoenix Assurance Company Limited was interested in obtaining control of the Bradford and Pennine Insurance Company;
19W(3) when his Department first became aware of the intention of certain banks to appoint a receiver for the Tulketh Group.
§ Mr. John DaviesIn matters of this kind no useful purpose is normally served by publishing an analysis of information reaching my Department, some of which must in any case be treated as confidential. I do not regard this case as an exception to that general principle.
§ Mr. Edward Lyonsasked the Secretary of State for Trade and Industry what steps were taken by his Department to preserve the employment of the employees of the Tulketh Group prior to the appointment of a receiver.
§ Mr. John DaviesThe wool industry has been undergoing a process of rationalisation necessary to meet changing trading conditions. The process was foreseen by the Wool Textile E.D.C. and has not yet run its course. It would be contrary to Government policy and a disservice to the industry, which has a substantial future, to seek to intervene in this rationalisation process.