§ Mr. Garrettasked the Secretary of State for Trade and Industry if he will make a statement on his Department's role in the negotiations between British Shipbuilders and the Australian Government on a tender for six type 2400 submarines.
§ Mr. Norman LamontAs sponsor Department for British Shipbuilders and the shipbuilding industry my Department takes a close interest in the progress of this major export prospect. The defence sales organisation of the Ministry of Defence takes the lead in providing assistance to British Shipbuilders in pursuance of the order and it keeps my Department fully informed.
§ Mr. Norrisasked the Secretary of State for Trade and Industry what effect the Government's plans for privatisation will have on British Shipbuilders' borrowings.
§ Mr. Norman LamontBritish Shipbuilders' United States $65 million 9 per cent. 1992 bonds are repayable if the corporation ceases to own substantially the whole of the shipbuilding industry in Great Britain. I understand that the corporation accordingly proposes as and when firm contracts are signed for the sale of the788W warshipbuilding yards, to give formal notice that it will redeem the bonds under the terms of the placing memorandum. In the meantime, Her Majesty's Government and British Shipbuilders may purchase the bonds in the market at their discretion.