Jim Cunningham
Main Page: Jim Cunningham (Labour - Coventry South)(10 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text
Michael Fallon
It is one of the primary objectives of the sale to secure maximum value for money for the taxpayer, and of course it will be subject to scrutiny in this House, as previous sales have been, and by the National Audit Office.
Mr Jim Cunningham (Coventry South) (Lab)
The Minister can say what he wants about the work force having a say because it owns 10% of the company, but within a couple of years those shares will be sold. That is what happened at Rolls-Royce. The public will be the loser because they will not get any benefit from the billions of pounds that have been invested in the service. It should remain where it is, and the public should get the benefit of its profitability.
Michael Fallon
One point of agreement between the union and me has been the need to ensure longevity so that the shares are held, not sold off the next day, by the work force. They will have to hold the shares for a minimum of three years before they are able to sell. During that time, they will receive dividends and be able to vote on the future policy of the company, and day by day they will see the actual share price.