HC Deb 02 December 1980 vol 995 cc212-7

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session to establish a public corporation to be called British Telecommunications, to make provision with respect to its functions and to transfer to it certain property, rights and liabilities of the Post Office (hereinafter referred to as 'the Act'), it is expedient to authorise: A. Payments out of moneys provided by Parliament as follows.

  1. 1. Sums required by the Treasury for acquiring an interest in any shares or stock of Cable and Wireless Limited or any of its subsidiaries, or in any rights to subscribe for any such shares.
  2. 2. Any administrative expenses of the Secretary of State.
  3. 3. Any increase attributable to the provisions of the Act in sums which, under any other enactment, are paid out of moneys so provided.
B. Payments out of the Consolidated Fund as follows.
  1. 1. Sums required by the Treasury for fulfilling any guarantee given by them under the Act for the repayment of, or the payment of interest on, any sums borrowed by British Telecommunications from a person other than the Secretary of State or any sums so borrowed by the Post Office the liability to repay which is transferred by the Act to British Telecommunications.
  2. 2. Any increase attributable to the provisions of the Act in the sums which, under any other enactment, are paid out of that Fund.
 C. Payments out of the National Loans Fund as follows.
  1. 1. Sums required by the Secretary of State to make loans to British Telecommunications, so long as the aggregate amount outstanding, otherwise than by way of interest, in respect of—
    1. (a) money borrowed by British Telecommunications or any of its wholly owned subsidiaries, other than money borrowed on excluded loans (within the meaning of the Act);
    2. (b) sums issued by the Treasury in fulfilment of guarantees given by them under the Act;
    3. (c) so much of the debt assumed by the Post Office under section 33 of the Post Office Act 1969 as is transferred to British Telecommunications by the Act; and
    4. (d) money borrowed by the Post Office the liability to repay which is so transferred,
shall not at any time exceed £5,000 million or such greater sum not exceeding £6,500 million as the Secretary of State may by order specify. 2. Any increase attributable to the provisions of the Act in the sums which, under section 37 of the Post Office Act 1969, are paid out of that Fund to enable the Secretary of State to make loans to the Post Office, so long as the aggregate of—
  1. (a) the amount outstanding, otherwise than by way of interest, in respect of— 217
    1. (i) money borrowed by the Post Office or any of its wholly owned subsidiaries, other than money borrowed on excluded loans (within the meaning of the Act);
    2. (ii) sums issued by the Treasury in fulfilment of guarantees under section 38 of the said Act of 1969; and
    3. (iii) the debt assumed by the Post Office ender section 33 of that Act; and
 (b) sums received by the Post Office under section 3(1) of the Post Office (Banking Services) Act 1976 (public dividend capital), shall not, at any time on or after the appointed day within the meaning of the Act, exceed £1,200 million or such greater sum not exceeding £1,700 million as the Secretary of State may by order specify. 3. Any increase attributable to the provisions of the Act in the sump which, under any other enactment, are paid out of that Fund. D. Any payment into the Consolidated Fund or the National Loans Fund. —[Mr. Adam Butler.]