§ 24. Mr. Hal Millerasked the Secretary of State for Industry what progress has been made with the implementation of the Ryder Report on British Leyland; and if he will make a statement on the company's prospects.
§ 27. Mr. Bidwellasked the Secretary of State for Industry if he is satisfied with the progress of Leyland affairs following the Ryder Report; and if he will make a statement.
§ Mr. VarleyThe scheme of arrangement became effective on 11th August. Following the Government's offer to shareholders and the subsequent rights issue, the equity base of British Leyland Ltd. has now been enlarged by £200 million and the Government have acquired a 95 per cent. shareholding. Sir Ronald Edwards as chairman and four non-executive directors joined the new board with effect from 3rd October. Meantime the company set up its new organisation and has been pressing ahead with discussions with representatives of its work force and with measures to im-56W prove performances on lines recommended in the report.
§ Mr. Richard Wainwrightasked the Secretary of State for Industry when the next tranche of public finance is to be made available to British Leyland.
§ Mr. KaufmanThe Ryder Report proposed that there should be a review point in mid 1976 to precede the first tranche of loan finance. The details will be determined in the light of British Leyland's capital requirements nearer the time.
§ Mr. Rookerasked the Secretary of State for Industry what is his estimate of the number of jobs which will be lost in British Leyland prior to the first stage of the proposed planning agreement being reached.
§ Mr. KaufmanI cannot speculate on the outcome of discussions currently taking place between management and representatives of the work force concerned.