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Aircraft

Volume 884: debated on Wednesday 22 January 1975

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asked the Secretary of State for Industry whether he intends that the powers of control and direction by Ministers over the proposed Aircraft Corporation of Great Britain will be substantially greater than the powers of Ministers over existing nationalised industries.

As the Secretary of State said in his statement on 15th January, the powers of the Secretary of State will be the minimum needed to secure Government influence over the main strategies of the corporation and protect the public investment in it. The Government's intentions are set out in greater detail in paragraph 15 of the consultative document published on that day.

asked the Secretary of State for Industry whether, before asking the House to pass legislation for the purchase out of public funds of certain aircraft manufacturing companies, he will set out the same information as would be required by the Stock Exchange and Take-Over Panel in the case of a board of directors recommending similar purchases to shareholders.

asked the Secretary of State for Industry what he estimates will be the order of magnitude of the cost to public funds of the nationalisation of the aircraft industry; and what would be the interest charge at current rates if such moneys were borrowed by the Government on the gilt edged market.

We are not yet ready to announce the Government's proposals on compensation.

asked the Secretary of State for Industry (1) which companies, trade associations and other bodies he consulted before issuing his consultative document on the public ownership of the aircraft industry;(2) which trade unions he consulted before issuing his consultative document on the public ownership of the aircraft industry.

Various representations and views have been received, but it is the purpose of the consultative document to initiate formal consultations.