HC Deb 27 November 1975 vol 901 cc1138-9

Queen's Recommendation having been signified—

Resolved, That it is expedient to authorise all such increased payments out of public funds and into the Consolidated Fund as may result from an Act of the present Session—

  1. (a) increasing the limit of the National Coal Board's borrowing from £700 million to £1,100 million or any higher amount up to £1,400 million specified by order of the Secretary of State;
  2. (b) enabling the Secretary of State to reimburse expenditure incurred by the Board in reducing or eliminating deficiencies in the mineworkers' pension scheme, within the following limits—
    1. (i) as to the Board's expenditure in their financial year 1975–76, £18 million less the 1139 total of any payments made in respect of that year under section 5 of the Coal Industry Act 1973 (contributions towards increased pensions);
    2. (ii) as to their expenditure in any of the following 19 financial years £18 million or any higher amount specified by order of the Secretary of State for the financial year in which the order is made and subsequent financial years;
  3. (c) enlarging the purposes for which grants may be made to the Board under section 7 of the said Act of 1973 (stock-piling of coal and coke), but subject always to the overall limit of grant laid down by subsection (4) of that section (£40 million if it is confined to expenditure of the financial years 1974–75 and 1975–76; £70 million if it is extended by order to the next two financial years also).—[Mr. Eadie.]