Billion dollar sell-off

Press, 12 April 1984, Page 26

Billion dollar sell-off

NZPA-Reuter London The British Parliament has cleared the way for Western Europe’s biggest sell-off of a State-owned industry: denationalisation of Britain’s telecommunications network. Members of Parliament, sitting into the early hours of the morning, gave final approval for the British Telecom Bill.

The Prime Minister, Mrs Margaret Thatcher, and her Conservative Government, which is pledged to reduce the role of the State, plans to sell 51 per cent of its holding in British Telecom and float the shares on the Stock Exchange later this year.

The sale, which is three times bigger than any share sale in either Britain or the United States, is expected to raise more than £4 billion sterling (SNZB.6B billion). Mrs Thatcher has already sold off British Aerospace, North Sea Oil, and other holdings as part of a series of asset sales designed to raise £lO billion (SNZ2I.7 billion) by 1988. Parliament has spent more time debating the selloff than on any other issue since World War 11. One Labour Parliamentarian set a committee filibustering record by speaking non-stop against the bill for 11 hours.