§ Mr. SteenTo ask the Secretary of State for the Environment what plans he has to restrict local authorities from holding shares in publicly quoted companies.
§ Mrs. Virginia BottomleyOur proposals are set out in the consultation papers issued earlier this year: "Local authorities' interests in Companies" (especially paragraphs 31 and 32) and "Local Government in England and Wales: Capital Expenditure and Finance" (especially paragraphs A.37 and A.38). These proposals will not apply to the investment of superannuation funds or of charitable funds of which the local authority is trustee. Copies of the consultation papers are in the Library of the House.