§ Mr. Robert JacksonTo ask the President of the Board of Trade what plans he has for the privatisation of AEA Technology plc. [39638]
§ Mr. PageThe Government have consistently said that decisions on the future of AEA Technology—AEAT—would be taken in the light of the performance of the business and on a basis which meets the needs and requirements of customers and serves the best interests of the taxpayer.
AEAT has a strong management team led by Sir Anthony Cleaver and Dr. Peter Watson which has transformed the performance of the business over the past two years. However, the Government and AEAT management remain convinced that the company can realise its full commercial potential only in the private sector.
In the light of what has been achieved, the Government have now decided that AEAT should be privatised later this year. The intention is that, subject to market conditions, privatisation will proceed by way of a flotation on the London stock exchange. In preparing for the flotation, the Government will continue to pay particular regard to the interests of the taxpayer, the company and its employees. The Government also remain committed to ensuring the independence and impartiality of AEAT's services to its customers.