§ 22. Mr. Emeryasked the Minister of Power how much of the new £1,600 million capital provided for the gas industry has already been taken up; and what proportion of the borrowing power it is estimated will be used in the current fiscal year and the fiscal year 1969–70.
§ Mr. Mason£1,600 million is the total of the old borrowing powers and the new borrowing powers granted under the Gas and Electricity Act, 1968. The Gas Council and boards have not yet taken up any of their new £400 million borrowing powers.
§ Mr. EmeryIf the views in the Select Committee on Nationalised Industries concerning North Sea gas are accepted, would the Minister not consider that the total borrowing power ought to be looked at again and that there ought to be some reconsideration of it? Will he consider the whole matter in the light of the Select Committee's Report?
§ Mr. MasonI do not see any reason for reconsidering this in the light of the Select Committee's Report. I do not know to what specific recommendation the hon. Member is referring, but on the whole the Select Committee's Report is 678 fairly favourable and it has established so far that there are 25 years' supplies of North Sea gas at the rate of 3,000 m.c.f.d. and this is coming along as planned.
§ Mr. PalmerIs my right hon. Friend satisfied that control of this vast expenditure should be in the hands of the Gas Council? Is it not a matter of general interest, particularly in view of natural gas, to the fuel industries generally?