ACCOUNTS AND AUDIT

HC Deb 05 November 1975 vol 899 cc451-2

Lords Amendment: No. 6, in page 8, line 38, at end insert and, giving separate information with respect to, and showing as far as may be the financial and operating results of, each of the main activities of the Corporation.

Mr. Benn

I beg to move, That this House doth agree with the Lords in the said amendment.

Mr. Deputy Speaker

With this amendment, we may consider Lords Amendments Nos. 7 and 8.

Mr. Benn

These amendments effect minor but worthwhile changes in the provision for BNOC's accounts. They provide that the accounts should give separate information about each of the main activities of the Corporation. We always intended that the Corporation should follow the practice of other nationalised industries—for example, gas—but as there was sensitivity on the point in Committee, the Government moved the amendments in another place. The Corporation will now be required statutorily to break down its own or its consolidated accounts by main activity.

Amendment No. 8 gives the power to the Secretary of State to call for separate accounts for the Corporation's subsidiaries. By the operation of subsections (4) and (5), these accounts, like others, must be laid before Parliament. This is in accordance with the recommendation of the Select Committee on Nationalised Industries.

Mr. Patrick Jenkin

The Opposition welcome this change of heart on the part of the Government. It represents an additional help in making sure that the Government's pledges about the areas in which the Corporation will operate commercially can be tested and proved. Therefore, it is wise that the Government have agreed to these amendments, especially to remove the element of discretion on the part of the Secretary of State about whether the activities should be reported upon and accounted for separately.

Question put and agreed to.

Subsequent Lords amendments agreed to.