§ Lord Diamondasked Her Majesty's Government:
With regard to each of their several completed and intended privatisation measures since 1979, what gross amounts were payable by the public in each subsequent calendar year, including estimates for 1986, 1987 and 1988, and what net amounts were received into the Consolidated Fund (other than in respect of stamp duties, etc.) in those same years, including estimated amounts receivable during 1986, 1987 and 1988.
§ Lord Brabazon of TaraGross amounts payable by the public to the government and amounts received into the Consolidated Fund (other than stamp duty and VAT) for each sale in the privatisation programme in each calendar year from 1979 to 1986 (up to 14th May) are set out in the table below. Expected privatisation proceeds for the financial years 1986–87 to 1988–89 are set out in Table 2.11 of the Public Expenditure White Paper, Cmnd. 9702. It is not the Government's practice to make any forecasts of the timing of individual sales or of the likely proceeds. 1383WA
1384WA
Year Sale Gross proceeds Proceeds net of sale costs stamp duty and VAT 1979 British Petroleum II(1) 120 106 1980 British Petroleum II 170 170 1981 British Aerospace I 49(2) 43 Cable & Wireless I 190(2) 181 1982 Amersham International 63 64(3) Britoil I 255(4) 243 1983 Britoil I 293 293 Associated British Ports I 48 46 British Petroleum III 269 237 Cable & Wireless II 100 88 1984 British Petroleum III 306 306 Cable & Wireless II 175 175 Associated British Ports II 52 51 Enterprise Oil 392 382 British Telecom 1,483 1,336(5) 1985 British Aerospace II 363 346 British Telecom 1,186 1,186 Britoil II 449 425 Cable & Wireless III 308 286(6) 1986 Cable & Wireless III 294 294 (to 14 May) British Telecom 1,186 1,186 All figures are to the nearest £ million. Where payment was made in two or more instalments falling in different calendar years, the full costs of the sale have been netted off against receipts from the first instalment. The flotation of Jaguar (which raised £297 million for the BL Board) has been excluded from this table as this was not a government sale. Other notes are as follows:
(1) First sale of British Petroleum shares took place in 1977.
(2) In addition, capital of £100 million (in the case of British Aerospace) and £35 million (Cable and Wireless) was raised through the offer for sale and injected into the company as part of the arrangements for privatisation.
(3) Costs of the sale were more than offset by payments of "Ways and Means" rates on balances of application payments monies held in the Bank of England.
(4) Excludes repayment by Britoil of £88 million debentures with interest.
(5) Using latest estimates of total costs; costs arising from BT voucher scheme will continue to be incurred until 1987–88.
(6) Latest estimate; some costs remain to be settled.