---

Northern Rock

My Lords, the noble Lord, Lord De Mauley, condemns public ownership in all its forms and in all its works. Given that, and particularly given the references made to the practices of Labour Governments in the 1970s, will the Minister confirm that the development of industries Act of 1971 gave the Government sweeping powers to take over any industrial or commercial concern? This happened during a sudden downturn in the economy. Nevertheless, the Government put those powers into legislation. Whether they did so as an act of premeditated apostasy or indeed out of panic matters not—they were the most sweeping general powers over public ownership that have ever appeared on the statute books of this country. In the circumstances, does it not ill behove the noble Lord to dress himself in the white sheet of purity in these matters?