§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer how long before flotation stockbroking firms were invited to make proposals for the tender and how long before flotation the firm eventually used was actually chosen, in the cases of(a) British Telecom, (b) British Gas and (c) Britoil.
§ Mr. Norman LamontIn the case of British Telecom, stockbroking firms were invited to tender in a press notice issued in October 1983. The broker was appointed in December 1983, and flotation took place in November 1984.
In the case of the 1985 Britoil sale, brokers were invited to tender and were appointed in May 1985. The sale of the Government's residual shareholding was in July 1985.
In the case of British Gas, brokers were invited to tender in June 1985 and the broker was appointed in July 1985. The flotation took place in November 1986.