§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will give the percentage decline in the share price of BP, other oil companies, and ICI from 8 October to 29 October which led him to place a floor under the BP price.
§ Mr. Norman Lamont[holding answer 3 November 1987]: The reasons for establishing arrangements, to be operated by the Bank of England, to ensure that there are orderly aftermarkets in BP shares were given by my right hon. Friend the Chancellor of the Exchequer in his statement on 29 October at column 540.
The information requested about share price is:
70W
Company Share price £ Percentage change in price 8 October—29 October (SEAQ and NYSE close for United Kingdom and United States prices respectively) 1. BP 3.67 2.59 -29 2. Shell 13.50 10.38 -23 3. Texaco 24.14 17.18 -29 4. Burmah 5.52 3.68 -33 5. Britoil 3.20 2.06 -36 6. Exxon 28.36 23.88 -16 7. British Gas (part-paid) 1.72 1.45 -16 8. ICI 16.38 9.89 -40