Commonwealth Development Corporation Bill — Sale of shares or other securities — 14 Jul 1999

Postponed proceedings resumed.

(a) in disposing of shares or other securities held by him; or

(b) in directing a person to dispose of shares or other securities held on the Secretary of State's behalf

to ensure that the price obtained for those shares or other securities is in the best commercial interests of the Corporation.'.-- [Mrs. Gillan.]

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

At this late hour, it is fitting that we return to consideration of the Bill and I am pleased to see the Secretary of State in her place. I understand that she will reply to the debate on the new clause. During the stages of the Bill, the Opposition have been greatly concerned about the way in which the shares and securities in the new Commonwealth Development Corporation will be disposed of and, in particular, the price that will be achieved. None of the replies given during our proceedings on the Bill so far has reassured me that the best possible price will be obtained for the sale of the Commonwealth Development Corporation.

The new clause reflects those concerns, because we need to ensure that the price obtained is the best possible, and that the CDC is not sold off cheaply at a knock-down price.

Clare Short:

Unlike your performance.

Surely exceptional costs are one-off costs, but if they are expected to continue over the next few years they must have an implication for the privatisation of this company and the price that will be paid. At this stage, the Secretary of State should let us know exactly what those costs will be and why they will continue over the next few years. They are exceptional if they are continuing annually. Light needs to be shed on that.

Question put, That the clause be read a Second time:--

The House divided: Ayes 21, Noes 293.

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