§ Mr. BurnsTo ask the Chancellor of the Exchequer when he proposes to examine options for the sale or redemption in 1992–93 of part of the Government's holding of privatised companies' debt or loan stock.
§ Mr. DorrellThe Government are considering options for the redemption or sale of part of their holding in privatised companies' debt and loan stock. No decisions have been taken about the timing of the debt or loan stock which will be realised, although it is likely that about £1 billion will be involved. We have begun to appoint advisers to examine the options.
Expenses incurred in connection with the redemption or sale of part of the Government's holding will be met from receipts. Parliamentary approval for this new service will be sought in a winter supplementary estimate for Her Majesty's Treasury's sale of shares in British Telecommunications plc vote—class XVIII, vote 19. Pending that approval, expenses will be met from advances from the Contingencies Fund.
Once the realisation exercise is complete, and the final costs are known, a supplementary estimate will be presented to provide substantive provision for expenses and compensating provision for appropriations-in-aid. The balance of the receipts will be paid into the Consolidated Fund.