Welsh Development Agency (Hansard, 11 January 1994)

§ Mr. Morgan
To ask the Secretary of State for Wales what consultations he has had with the chairman of the Welsh Development Agency concerning the advertisement in the "Supplement to the Official Journal of the European Communities" in relation to the property management services contract on offer for the marketing and negotiation of disposals of approximately £75 million of industrial property assets of the Welsh Development Agency; and if he will make a statement.

§ Mr. Redwood
None. Public bodies such as the agency are required to advertise in the Official Journal of the European Communities for contracts over a certain threshold—currently £149,728. The sale of industrial property forms part of the agency's established and continuing strategy of disposals to the private sector thereby providing a welcome injection of private finance for reinvestment to the Welsh economy and reducing the burden to the taxpayer.

§ Mr. Llew Smith
To ask the Secretary of State for Wales whether the Welsh Development Agency is required to notify his Department over the engagement of lawyers.

§ Mr. Redwood
No.

§ Mr. Llew Smith
To ask the Secretary of State for Wales when he was informed of the plan by the Welsh Development Agency to offer for sale a large number of factories; and what formal arrangements exist for the notification by executive agencies in Wales wanting to sell off their assets.

§ Mr. Redwood
The sale of industrial property forms part of the agency's established and continuing strategy of disposals to the private sector; it provides a welcome cash injection for reinvestment in the Welsh economy. I have told Parliament of the need for a mixture of grant and asset sales to pay for new asset creation.