Shipbuilding and Aerospace

HC Deb 07 July 1975 vol 895 c10W

Mr. Canavan

asked the Secretary of State for Industry if he is yet able to give a timetable for the implementation of his proposals to take into public ownership the shipbuilding and aerospace industries

Mr. Kaufman

As my right hon. Friend the Secretary of State told my hon. Friend the Member for Greenock and Port Glasgow (Dr. Mabon), Government have decided to proceed with the Aircraft and Shipbuilding Industries Bill at the very earliest opportunity in the next Session, with a view to Royal Assent and vesting of the companies to be nationalised as early as possible in 1976.

Mr. Trotter

asked the Secretary of State for Industry whether he will give examples of the type of action aimed at frustrating the objectives of public ownership which may require the Government to introduce retrospectively further safeguarding provisions than those contained in the Aircraft and Shipbuilding Industries Bill.

Mr. Kaufman

We expect the safeguarding provisions to be adequate to prevent any deliberate dissipation of assets before vesting; but should any novel devices not specifically covered by the Bill be used, we shall be ready to introduce further provisions, which may be retrospective in their effect, to deal with them. The safeguarding provisions are not intended to inhibit normal commercial transactions.