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Bp

Volume 131: debated on Thursday 14 April 1988

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31.

To ask the Chancellor of the Exchequer whether he has any plans for further sales of Government shares in BP; and if he will make a statement.

The Treasury plans to sell its residual holding of BP cumulative preference shares in due course. It will also sell, at its discretion, its holding of BP ordinary shares in so far as this exceeds the number of shares required to satisfy outstanding share bonus entitlements.The Bank of England has undertaken not to dispose of its holding of partly paid BP shares before 29 April 1988, except at a price in excess of 120p.