§ Mr. Teddy Taylorasked the Chancellor of the Exchequer if he will make a statement outlining the circumstances in which the substantial Burmah Oil holding of shares in British Petroleum was transferred to the Bank of England; what part Her Majesty's Government played in the transaction; and if he considers that Her Majesty's Government have any responsibility to compensate shareholders in Burmah Oil for the loss of income and capital resulting from the disposal of 651W that company's British Petroleum shareholding.
§ Sir Geoffrey Howe[pursuant to his reply, 2 June 1980]: The events referred to took place under a previous Administration. I refer my hon. Friend to the statement made by the then Secretary of State for Energy on 15 January 1975—[Vol. 884, c. 448–54]—and further developed in a written answer on 23 January 1975.—[Vol. 884, c. 468–69.]
These matters are now the subject of legal proceedings between the Burmah Oil Company and the Bank of England. The Government believe that the legal processes should be allowed to run their course in the normal way.