Private enterprise
The moral of Enterprise is that these state asset sales serve, not just one policy, but a large number of different pur- poses, some of which are always likely to trip over one another's feet. Pity the poor merchant banker as he tries to disentangle them. Yes, Minister, you want to roll back the frontier of the public sector? And you wouldn't mind roughing up Sir Denis Rooke at the Gas Board? Sell off his North Sea assets? Fine, Minister, we'll get you a bid for them, and, with any luck, an auc- tion. Quick, tidy, economical, and the way to get the best price. No foreign buyers? Well, that might dent the price . . . Oh, I see, no company buyers at all, just individuals? You want to encourage the widest possible spread of personal owner- ship, because that accords with your highest principles, and because it would make Enterprise harder to renationalise. Then why not hand the shares out, all round, one to every citizen? Doesn't help the Budget deficit? Then an offer for sale, on terms pit- ched to attract the small investor? But you don't want any more of this boom-or-bust, stag-or-flop choice? Would you like us to sell the shares as we would sell a new bond — get a syndicate of institutions to buy the stock, and leave them to dribble it out onto the market? Oh, but that would squeeze out the little man . . . Well, let's go back to the Budget deficit, and at least try to get you the best price. What will matter when you come to Telecom and Airways is to keep them as near as possible to profitable monopolies — oh, you have high principles about that one, too? That might be dif- ficult, especially if the markets turn any sourer. In fact, you really might be better off to postpone one or two of these issues, and wait for sunnier times. What was that? No, Minister, no, indeed, we didn't intend, we quite see — it's in the manifesto, and in the Budget, and you must get these businesses off your back and onto everybody else's back before they come round for their next fix of capital, and anyway you need the money. Will it be all right on the night? We'll think of something. Oh, yes, Minister.
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