§ Mr. Gerald Howarthasked the Chancellor of the Exchequer if he will make a statement about Her Majesty's Government's residual shareholding in Cable and Wireless.
§ Mr. MooreThe Government announced on 5 September that, subject to market conditions, they intended to sell their remaining ordinary shares in Cable and Wireless during the current financial year. The sale of part of the Government's continuing programme of privatisation and is in line with the policy announced to the House by my right hon. Friend the former Chief Secretary to the Treasury on 14 March 1984 (Hansard col. 420) of selling Government minority holdings in privatised companies as and when circumstances permit.
Pending parliamentary approval of the necessary Supplementary Estimate, urgent payments in connection with Government sale expenses are being met by repayable advances from the Contingencies Fund.