§ Mr. Williamsasked the Secretary of State for Trade and Industry whether he is monitoring the purchase of British Telecom shares by overseas bidders operating within the British tranche; and what steps have been taken to ensure that an overseas applicant does not receive an allocation from the British and overseas tranches.
§ Mr. ButcherThe prospectus makes clear that 49,500,000 shares—a little under 2 per cent. of the United Kingdom portion—have been placed with Swiss Bank Corporation International Limited which has also applied for further shares. The allocation of shares is a matter for my right hon. Friend the Secretary of State to decide after applications have closed on 28 November.