HC Deb 13 February 1964 vol 689 cc523-4
1. Mr. Woof

asked the Minister of Power if he will state the original amount of liability for vested assets belonging to the coal mining industry; what amount has been reduced by annual repayment since vesting day what total has been borrowed by the National Coal Board since vesting day up to the latest date; and what is the total interest payment made over the same period.

The Minister of Power (Mr. F. Erroll)

The National Coal Board's original liability for vested assets was £388 million, of which £49 million was repaid by 31st December, 1963. Between 1st January, 1947, and 31st December, 1963, £833 million was advanced to the Board under Section 26 of the Coal Industry Nationalisation Act, 1946, and £221 million was repaid. In the same period the Board paid £161 million interest on vesting liabilities and £204 million interest on Exchequer advances. The Board also reimbursed the Exchequer £63 million in respect of interim income paid to former colliery owners.

Mr. Woof

Do not those staggering figures show that the National Coal Board is carrying a very heavy financial burden, and does not the Minister agree that there is an overwhelming case for reducing the rates of interest payments and the capital liabilities?

Mr. Erroll

I think the figures reveal that when capital is used the interest charges should be met. There has been heavy capital investment, and so the interest charges appear large in the aggregate. I think that the coal industry has been fortunate in being able to raise its money at such comparatively advantageous rates.

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