HC Deb 10 May 1999 vol 331 cc67-8W
39. Mr. Hoyle

To ask the hon. Member for Middlesbrough, representing the Church Commissioners, if he will make a statement on the sale of British Aerospace shares by the Church of England; [82618]

42. Mr. Gordon Prentice

To ask the hon. Member for Middlesbrough, representing the Church Commissioners, what factors the commissioners took into account when deciding to dispose of its holding in BAe. [82621]

Mr. Stuart Bell

The Church's long-standing ethical investment policy is not to invest in companies whose main business or focus is in armaments, and shares in British Aerospace have never been held for this reason.

In view of the proposed sale of Marconi Defence Systems, the defence arm of GEC, to British Aerospace, the Church of England's Ethical Investment Working Group has recommended to the Church's central investing bodies that they do not retain shares acquired in "new British Aerospace", as a result of the sale.