§ Mr. Michael Forsythasked the Secretary of State for Trade and Industry if he will make a statement on the latest progress on privatising the interests of British Shipbuilders.
§ Mr. Peter MorrisonThe Secretary of State has given his consent to British Shipbuilders for the sale of Hall Russell Ltd. to Aberdeen Shipbuilders Ltd. The terms of sale, net of purchase consideration and other aspects of the transaction, represent a cost to British Shipbuilders of not more than £1.6 million. British Shipbuilders has also accepted a limited contingent liability in the event of redundancies. This is considerably less than the cost of closing the yard.