HC Deb 06 February 1989 vol 146 cc544-6W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer if he will list the organisations, industries and firms privatised since May 1979, giving in each case the income to Government from the sale of each, the costs of broking, underwriting and advertising of each sale, the initial share price, the present share price, and the size and current value of shareholding retained by the Government, together with the nature of any golden share or any other arrangement to restrict takeover or shareholdings in any way.

Mr Norman Lamont

The information required about income to Government, share prices and size of residual shareholdings is as follows:

Date of sale Proceeds to Her Majesty's Government Initial share price Share price on 25 January 1989 Size of Her Majesty's Government share holding Currant value
£ million million £ million
Royal Ordnance 1987 183
Rover Group 1988 150
British Petroleum 1979 276 363
British Petroleum 1983 543 435
British Petroleum 1987 35,310 1330 1267 167.7 181.0
2225 2164 238½ 63.0
British Steel 1988 1,139 1125
260 269
1 Fully paid.
2 Partly paid.
3 Total estimated net proceeds.

Proceeds from the following subsidiaries are retained by parent industry
Proceeds £ million Initial share price Share price on 25 January 1989
Jaguar (BL) 297 165 278
Sealink (BR) 66
Wytch Farm (BGC) 82
Warship yards (BS) 54

For information about advertising costs, I refer the hon. Member to the reply that I gave to my hon. Friend the Member for Darlington (Mr. Fallon) on 3 March 1988, at column 629. For the costs to Government of broking and underwriting I refer the hon. Gentleman to the reply which I gave today to the hon. Member for Eccles (Miss Lestor).

For information about special shares held by the Government in privatised industries, I refer the hon. Gentlemen to the reply which I gave the hon. Member for Dunfermline, East (Mr. Brown) on 15 December 1987 at

Country Wine Spirits
Excise duties VAT per cent. Excise duty VAT per cent.
Table wine not exceeding 12 per cent, alcohol by volume (pence per 75 cl bottle) Fortified wine at 18 per cent, alcohol by volume (pence per 70 cl bottle) Spirits at 40 per cent, alcohol by volume (pence per 75 cl bottle)
Belgium 16 28 25 247 25
Denmark 74 129 22 1854 22
France 1 78 18.6 210 18.6
Germany 0 22 14 233 14
Greece 0 1 36 7 36
Ireland 125 169 25 492 25
Italy 0 6 19 43 19
Luxembourg 20, 7 313, 19 46, 12 166 12
Netherlands 17 29 18.5 258 18.5
Portugal 0 0 58, 17 39 617, 30
Spain 0 0 12 81 12
United Kingdom 77 124 15 473 15
1 Duty on spirits in Denmark consists of a specific element (£11.22 per litre of pure alcohol) and an ad valorem element (60 per cent, of taxable value).
2 The nil rate applies to Luxembourg produced wines.
3 The lower rate applies to Luxembourg produced wines.
4 The lower rate applies to still wine not exceeding 13 per cent, alcohol by volume.
5 The lower rate applies to table wine.
6 The lower rate applies to non.aged wine brandy and grappa brandy.

Note:

Rates of exchange as at 30 January 1989.

Source:

European Community excise duty tables; VAT In Europe.

column 427 which lists special shares held in companies privatised prior to the British Steel sale. The special share in Amersham International was redeemed on 27 July 1988 and the special share in Enterprise Oil was redeemed on 31 December 1988. There is also a special share in British Steel, the rights of which are defined in the company's articles of association.