§ Mr. BurnsTo ask the Chancellor of the Exchequer if he will make a statement on the outcome of the auction of part of the Government's holding of privatised companies' debt and loan stock.
§ Mr. DorrellI am pleased to report that the auction was successfully completed on 20 November when the Treasury accepted bids totalling £1.337 billion for the redemption or sale of the following series of electricity and BT bonds:424W
£ million per cent. series BT 150 12.25 2000 BT 170 12.25 2002 BT 180 12.25 2003 PowerGen 150 11.869 2005 Scottish Hydro-Electric 116 11.457 2001 Scottish Power 142 11.856 2005 BT 229 12.25 2006 Payment, with accrued interest, will be made to the Exchequer on 15 December 1992. The costs of the auction are expected to amount to some £0.5 million or less than 0.04 per cent. of proceeds. The proceeds will contribute towards the target of £8 billion privatisation proceeds for 1992–93 announced first in the 1991 autumn statement.
I am satisfied that the auction has secured good value for the taxpayer.