Public Dividend Capital

Part of Industry Bill – in the House of Commons at 10:30 pm on 6th February 1980.

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Photo of Mr David Mitchell Mr David Mitchell , Basingstoke 10:30 pm, 6th February 1980

The purpose of the clause is to put into effect the matters that were debated at some length on amendment No. 8. Therefore, I can be as brief as the hon. Member for White-haven (Dr. Cunningham).

As the amendment is consequential, it follows automatically that the Government feel that they should have the machinery by which they can transfer the public dividend capital by reduction and enable it to parallel the reduction in assets and money transferred to the Treasury with the reduction in the nominal public dividend capital. For that reason, we are unable to accept the amendment.