§ Mr. Crawfordasked the Chancellor of the Exchequer what controls are exerted by the Bank of England over the purchase of shares in Scottish public companies by purchasers from the oil-producing Arab countries.
§ Mr. DellPortfolio investment by nonresidents in any public company in the United Kingdom is freely allowed provided that the transaction is appropriately financed. Specific Bank of England permission is, however, required for transactions by a non-resident who holds or would as a result acquire 10 per cent. or more of the voting rights in the company concerned. Exchange control permission is required for direct investment proposals by non-residents. Such proposals are considered on their merits.