§ Sir Fergus MontgomeryTo ask the Secretary of State for the Environment what are his proposals for local authority participation in companies; and if he will make a statement.
§ Mr. CurryIt is our intention that where authorities participate in companies led by the private sector, there should be few controls other than those applicable generally under the Companies Act. In other cases, our intention is that local authorities' interests in companies should be subject to special capital finance and propriety controls.
We have today issued for consultation to the local authority associations and to local authorities a draft of an order which my right hon. Friends the Secretaries of State for the Environment and for Wales propose to make under the Local Government and Housing Act 1989, and which would give effect to these intentions from the financial year 1995–96. We have asked for all comments on the draft order to be submitted by 31 January 1995.
I have arranged for copies of the draft order, together with an explanatory guide, to be placed in the Library of the House.