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Hauliers escape the net
Page 24
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ROAD HAULIERS escape the Government's takeover net spread by Mr Tony Benn's Industry Bill.
But vehicle manufacturers are likely to make prime targets for intervention by the National Enterprise Board.
Separate legislation would be required in order to extend public ownership into the private sector of the transport industry. And so far there is no sign of any ;uch Bill. In any event, there ;vould be no time available n the current Parlianentary session.
The Industry Bill will )lace £1,000m at the dismsal of the NEB to buy bares in firms, take them nto public ownership, and nount "rescue" operations.
The Board's activities, for the time being, are to be restricted to manufacturing industries.
Vehicles builders fall precisely within the criteria laid down for intervention by the NEB — extension of public ownership into profitable areas of industry and safeguarding companies in financial difficulties whose operations are essential to the economy, maintaining employment, exports, and supplies and services to dependent industries.
Opposition leaders are convinced that the far-reaching powers in the Bill for the Secretary of State to require compulsory disclosure of information and the opening of company books to the Government and trade unions will inevitably embrace service industries, including transport operators.
Shadow Industry Secretary, Mr Michael Heseltine believes that the kind of information Mr Benn requires from manufacturers — capital expenditure plans; details of sales, output and eiports etc — would be of maximum value only if he also obtains similar data from their suppliers, distributors, and ancillary service industries and customers.
Many of the companies which would be directly affected by the Bill will also have subsidiaries in other sectors of industry, the Tories argue.
Mr Benn hopes to have the Industry Bill in operation by the autumn and to enter into the first "planning agreement" with firms before the end of the year.
But the Opposition has threatened all-out war on the legislation and has not ruled out delaying tactics in the House of Lords.
Two restrictions are laid down in the Bill on the Board's powers to buy shares in private firms — that they will not buy more than a 30 per cent stake or invest more than £10m in any one company without the specific authority of the Industry Secretary.
The Bill authorizes Mr Benn to veto any take-over of a manufacturing concern by foreigners.
As well as taking over private companies the NEB will have power to assume control of existing publicly owned concerns.