§ I expect the net total of expenditure below the line to be £35 million less than last year's out-turn. Loans to local authorities next year I put at £65 million, £27 million less than last year. Capital expenditure by the Post Office, charged below the line at £38 million, is down by £41 million. This results from the new accounting arrangements announced last November. The National Coal Board [...] expected to need £76 million. Issues to other nationalised industries I put at £370 million, an increase of £75 million over last year. The bulk of this increase is accounted for by the British Transport Commission, whose investment programme is getting into gear, and who, last year, was able to keep down its borrowings from the Exchequer by using 47 balances which it had available at that time for investment.
§ Repayments by the nationalised industries in respect of earlier borrowings are, however, expected to be £16 million higher than last year. Finally, £61 million is likely to be required for the British Transport Commission under the Transport (Railway Finances) Act to meet its current deficit, as against £66 million last year. These capital requirements are within the limits laid down by the Government last September for investment in the public sector.