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Privatisation Proceeds

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 13th March 1997.

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Photo of Mr William Waldegrave Mr William Waldegrave , Bristol West 12:00 am, 13th March 1997

The Labour party justified that policy on the basis that it thought that some of the executives in those firms were too highly paid, but the proposal makes no difference to executive pay. It is a random tax on a selection of successful businesses, such as British Telecom, which has delivered a 40 per cent. cut in real terms in its prices to the consumer. It shows Labour's real underlying approach to industry: if it is successful, Labour does not like it.