Lord Lawson of Blaby
Main Page: Lord Lawson of Blaby (Conservative - Life peer)
Lord De Mauley
Yes, my Lords, I think I can agree with the noble Lord. The important thing is the stability of our financial system. The Government are committed to fostering diversity in financial services, including, where appropriate, mutual ownership, and to creating a more competitive banking industry. That is why we have set up the Independent Commission on Banking: to recommend reforms to the banking system that meet those objectives, including promoting financial stability and consumer choice.
Lord Lawson of Blaby
Will my noble friend confirm that it is the Government’s intention that the shareholdings in question will be sold during the lifetime of this fixed-term Parliament? Will he also inform the House of the best estimate that the Office for Budget Responsibility has made of the proceeds of these sales?
Lord De Mauley
No timetable has been set. UKFI does not think that it is possible or desirable to set firm targets, such as time or proceeds, that would drive the Government’s sale of shares. When UKFI has a proposal, it will offer it.