asked the Secretary of State for Industry when the 100 per cent. shareholding of Rolls-Royce (1971) Limited will be transferred to the National Enterprise Board; and on what terms of reference or guidelines the company will be managed.

I hope that the transfer will be made very shortly. The intention is that the relationships between the NEB and the company should be in accordance with a "memorandum of understanding" between the two parties which my right hon. Friend plans to make available to the House.