§ Mr. DunnTo ask the Chancellor of the Exchequer when he proposes to sell the Government's residual shareholding in British Telecommunications plc.
§ Mr. MaudeAs my right hon. Friend announced in his Budget speech on 19 March, the Government intend to sell part of their residual shareholding in BT in the coming year. No decisions have been taken about the precise timing and the number of shares to be sold. We have, however, begun to appoint advisers to certain of the key roles.
Preliminary and main expenses incurred in connection with the sale of shares will be met from receipts from the sale. Parliamentary approval of the expenditure will be sought in a token new estimate in the summer supplementary estimate round. Expenses incurred in advance of the sale will be met by repayable advances from the contingencies fund.
Once the sale is complete and the final costs are known, a supplementary estimate will be presented to provide substantive provision for the main sale expenses of the sale and a compensating increase in appropriations-in-aid. The balance of the receipts will be paid into the consolidated fund.