That, for the purposes of any Act of the present Session to repeal the Iron and Steel Act, 1949, and to dissolve the Iron and Steel Corporation of Great Britain; to establish an Iron and Steel Board for the supervision of the iron and steel industry and to define the functions of that Board, and to make other provision as to the said industry; to provide for the return of iron and steel undertakings to private ownership and for the disposal of the property, rights, liabilities and obligations of the said Corporation, it is expedient to authorise—
- (a) the issue out of the Consolidated Fund of such sums as may be required to fulfil any guarantee by the Treasury of the repayment of and the payment of interest on any money temporarily borrowed by the Iron and Steel Board established by the said Act of the present Session (hereinafter referred to as "the Act"), so however that the amount outstanding in respect of the principal of the loans so guaranteed does not at any time exceed one million pounds;
- (b) the issue out of the Consolidated Fund of such sums as may be required to be so issued in consequence of any provision of the Act by which liabilities in respect of British Iron and Steel Three and a half per cent. Guaranteed Stock, 1979–1981, are transferred to the Treasury and the said stock is deemed to have been created and issued under the National Loans Act, 1939, and the raising of any money required to be raised under the said Act in consequence of any such provision;
- (c) the issue out of the Consolidated Fund into the Iron and Steel Realisation Account established by the Act of sums not exceeding in the aggregate one hundred and fifty million pounds, and, for the purpose of providing sums to be so issued or replacing sums so issued, the raising of money under the National Loans Act, 1939;
- (d) the issue out of the Consolidated Fund, and the application in redeeming or paying off debt, of any sums paid into the Exchequer out of the said Account under paragraph (f) (iii) hereof;
- (e) the payment out of moneys provided by Parliament of—
- (i) any sums falling to be paid by the Minister of Supply in respect of the provision, acquisition, taking on lease or use of production facilities within the meaning of the Act;
- (ii) any sums falling to be paid by the Minister of Labour and National Service in respect of fees or allowances to any referee or board of referees appointed under the Act to determine appeals in respect of compensation or allowances to persons giving evidence before any such referee or board;
- (iii) any sums required to he paid out of moneys so provided for the purposes of any order dissolving or winding up the affairs of the Iron and Steel Holding and
1130 Realisation Agency established by the Act;
- (iv) any administrative expenses incurred under the Act by the Minister of Supply or the Treasury including sums in respect of the cost to the said Board of acting as agent for the Minister of Supply;
- (f) the payment into the Exchequer—
- (i) of any sums received by any Minister of the Crown under or in consequence of any provision of the Act;
- (ii) out of the Iron and Steel Realisation Account of the amount of any excess of the receipts of the said Agency properly creditable to revenue account for any financial year over the outgoings properly chargeable to revenue account for that year;
- (iii) of any moneys standing to the credit of the Iron and Steel Realisation Account which are not required for the making of other issues or payments out of the said Account.
Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."
§ 11.3 p.m.
§ Mr. G. R. Strauss (Vauxhall)
We do not propose to divide against this Resolution, nor to discuss it. We shall have ample opportunity to discuss the various points arising from it on other occasions, but I want it to be clearly understood that, because we are not raising the matter either by vote or discussion, it does not mean we are not as vehemently opposed to the Bill and everything it stands for as we were before. The more we study it, and the Resolution, the more we dislike it.
§ Question put, and agreed to.