HC Deb 11 December 1956 vol 562 cc393-4
That for the purposes of any Act of the present Session to make temporary provision authorising the British Transport Commission to meet interest and other revenue charges by borrowing, to authorise advances out of the Consolidated Fund of sums so borrowed, and for purposes connected therewith, it is expedient to give authority as follows:—
1. It is expedient to authorize—
- (a) such payments out of the Consolidated Fund as may be required to enable the Minister of Transport and Civil Aviation to make to the British Transport Commission the advances mentioned below;
- (b) the payment into the Exchequer of sums received by the Minister by way of repayment of or interest on any such advances, and the re-issue of those sums out of the Consolidated Fund, and their application in redemption or repayment of debt or, in so far as they represent interest, towards meeting such part of the annual charges for the national debt as represents interest;
- (c) the raising by the Treasury in any manner in which they are authorised to raise money under the National Loans Act, 1939, and the payment into the Exchequer, of any money needed for making any such payments out of the Consolidated Fund, or for repaying to the Consolidated Fund all or any part of those payments.
The advances above referred to are (subject to the provision made below)—
- (i) such advances as the Minister may be empowered to make under section forty-two of the Finance Act, 1956, by any amendment of subsection (2) of section eighty-eight of the Transport Act, 1947, extending the purposes for which the Commission may borrow so as to include the payment of interest on capital moneys borrowed by the Commission for the purposes of British Railways in the year 1956 or any of the next nine years;
- (ii) such advances as the Minister may be empowered to make under the Act of the present Session of sums required by the Commission (up to a limit of two hundred and fifty million pounds) for meeting any deficit on revenue account of British Railways for the year 1956 or any of the next six years, or of sums required by the Commission for the payment of interest (accruing in or before the year 1964) on advances which the Minister is empowered to make under that Act.
For the purposes of sub-paragraph (1) above moneys borrowed to repay any temporary borrowing shall be treated as borrowed for the purpose and at the time of the temporary borrowing, and references in sub-paragraphs (i) and (ii) above to the payment of interest or to meeting a deficit include references to the repayment of moneys temporarily borrowed to pay the interest or meet the deficit.
2. It is expedient to authorize—
- (a) such payments out of the Consolidated Fund as may be required to enable the Treasury to fulfil any guarantee given under section ninety of the Transport Act, 1947, in relation to any British transport stock which the Commission may be empowered to issue by any such amendment of that Act as is mentioned in paragraph 1 (i) above;
- (b) the payment into the Exchequer of sums received by the Treasury by way of repayment of or interest on money paid under any such guarantee.
Resolution agreed to.