§ 4. Mr. Websterasked the Minister of Transport whether the sum of £45,000,000, due on 1st January, 1966, in part repayment of the principal of the commencing capital debt of the British Railways Board, has been received from the Board.
§ Mr. John MorrisNo, Sir. The normal practice has been followed of renewing the debt as it becomes due. This instalment will now fall due for repayment on 1st January, 1991.
§ Mr. WebsterWhy all this veil of secrecy about the postponement of the repayment of £45 million for about 30 years? Is it not time railway finances were completely put in order? Has not the hon. Gentleman noticed the deep frustration of Mr. Raymond, the Chairman of the Railways Board, about the constant delay in implementing the reshaping plan and about the mechanism of closures due to the new sifting arrangement brought in by the Department?
§ Mr. MorrisFirst, the hon. Gentleman's arithmetic is wrong. Secondly, there is no secrecy. Thirdly, this is necessary because the Board's internal financial resources are fully taken up in financing current investment.