§ Mr. CousinsTo ask the President of the Board of Trade what plans he has to allow the Post Office or any of its subsidiaries to raise loan capital in the market using the methods outlined in the Chancellor's autumn statement.
§ Mr. Leigh[holding answer 24 November 1992]: There was no proposal in the autumn statement to change the rules governing nationalised industries' access to loan capital in the market.
§ Mr. CousinsTo ask the President of the Board of Trade in what form the Post Office and its subsidiaries are required to hold their financial reserves; when that requirement was made; and what proposals he has to review the requirement.
§ Mr. Leigh[holding answer 24 November 1992]: Under the provisions of the Post Office Act 1969 and the British Telecommunications Act 1981, the liquid funds of the Post Office not required to finance its day-to-day activities are invested within the public sector according to Her Majesty's Treasury guidelines. These guidelines were most recently revised on 27 July 1991 and currently provide for nationalised industries' surplus funds to be invested in the public sector by deposits with the following bodies: