HC Deb 01 August 1984 vol 65 c296W
2. Mr. Nellist

asked the Secretary of State for Trade and Industry if he will make a statement on the denationalisation of Jaguar cars.

Mr. Norman Lamont

My right hon. Friend the Secretary of State announced to the House on 22 May the Government's approval of the BL board's proposal to dispose of the whole of Jaguar. This disposal was subsequently approved at an extraordinary general meeting of BL shareholders, the issue has been underwritten and prospectuses published. Dealings in Jaguar shares will commence late next week.

Mr. Shore

asked the Secretary of State for Trade and Industry what arrangements he has made when privatising publicly-owned shares in Jaguar to ensure that it remains in majority British control.

Mr. Tebbit

Appropriate provisions are made in the articles of association.

Mr. Shore

asked the Secretary of State for Trade and Industry what was the profit of Jaguar in the financial year immediately preceding privatisation.

Mr. Tebbit

BL's financial year runs from 1 January to 31 December. In the 12 months ending 31 December 1983 the Jaguar group made a profit before taxation of £50 million.