Standard Motor Company, Coventry (Tracto Plant)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 30 April 1959.

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Mr. Edelman asked the Chancellor of the Exchequer whether he is aware of the anxiety felt by the workers of the Standard Motor Company, Coventry, in connection with the proposed sale of the Banner Lane tractor plant to an overseas company; what authority :

Photo of Mr Frederick Erroll Mr Frederick Erroll , Altrincham and Sale

No application under the Exchange Control Act has been made for the sale of this factory.

Photo of Mr Maurice Edelman Mr Maurice Edelman , Coventry North

Is not the hon. Member aware that it is notorious that this potential take-over bid has been under consideration? Is not he aware of the resolution passed by the workers of the Standard Motor Company, who are extremely concerned that they should not be bought and sold without consultation? Is he further aware that their anxiety relates to the whole question of investment, employment and export policy passing out of the control of their company and into overseas hands? Finally, is he aware that if this take-over bid and similar ones succeed, more than half the British motor industry will have fallen into North American hands? Does he consider that to be a good thing?

Photo of Mr Frederick Erroll Mr Frederick Erroll , Altrincham and Sale

I could not hope to answer all those supplementary questions. All I would say is that there is no application at present before us and, therefore, there is nothing for the Government to consider within their powers.