HC Deb 14 November 1988 vol 140 cc411-2W
Mr. Beith

To ask the Chancellor of the Duchy of Lancaster what actions were taken by his Department in response to the discovery that Elders IXL continued to buy shares in Scottish and Newcastle Breweries after

Class 22 Metal manufacturing Class 25 Chemical industries Class 26 Man-made fibres Class 43 Textiles Group 451 Footwear Group 453 Clothing
1. Estimates of import penetration—percentage
Year ended December 1975 28 22 32 23 24 21
Year ended December 1978 25 28 41 31 30 25
Year ended December 1987 42 41 66 47 47 39
2. Increase in volume of imports (measured as changes in value of constant price trade)
1979 to 1987 percentage +16 +84 +21 +49 +48 +60
3. Increase in volume of exports (measured as changes in value of constant price trade
1979 to 1987 percentage +29 +49 -31 +3 -3 +24
4. Percentage change in output between 1979 and 1987 (Index of production, 1985 = 100) -6 +17 -38 -16 -20 +1
5. Change balance of trade with the following areas between 1975 and 1987.
(In pounds millions.)
(i) EEC 12 +18 -753 -144 -1,049 -204 -57
(ii)EFTA -41 -36 +7 -118 -65 +18
(iii) USA +63 +122 +7 +129 +7 +57
(iv) Rest of world +264 +2,041 +3 -711 -298 -794
6. Change in balance of trade with the following areas between 1979 and 1987. (In pounds millions.)
(i) EEC 12 -77 -629 -151 -842 -100 -92
(ii) EFTA -96 -8 +6 -79 -55 -8
(iii) USA -29 +214 +20 +154 +4 +70
(iv) Rest of world +224 +1,478 -23 -589 -241 -664
7. Changes in the volume of spending on new fixed capital investment by manufacturing industry are shown below:

solicitors to Elders had been informed by the Office of Fair Trading that its bid was being referred to the Monopolies and Mergers Commission; by how much he estimates the Elders share of Scottish and Newcastle increased by trading after the referral announcement; and whether he will make a statement.

Mr. Maude

My right hon. and noble Friend made an order on 10 November 1988, No. 1965, the effect of which is to prohibit further purchases of shares and to restrict to 15 per cent. the extent to which Elders IXL may exercise voting rights in respect of the Scottish and Newcastle Breweries shares held by it.

I understand that the Elders IXL holding in Scottish and Newcastle Breweries increased by some 10 per cent.