§ Queen's Recommendation having been signified—
§ Resolved.
§ That, for the purposes of any Act resulting from the Coal Industry Bill, it is expedient to authorise—
§ Deficit grants
§ 1.—(1) Grants to the National Coal Board out of money provided by Parliament, being grants for reducing or eliminating—
- (a) any outstanding group deficit for the financial year of the Board ending in March 1985; and
- (b) any group deficit for the financial years of the Board ending in March 1986 and 1987.
§ (2) In this paragraph "group deficit" means, in relation to a financial year of the Board, any deficit shown in any consolidated profit and loss account of the Board and any of their subsidiaries prepared by the Board in accordance with a direction given by the Secretary of State in respect of that year under section 8(1) of the Coal Industry Act 1971.
§ (3) The aggregate of the grants authorised by sub-paragraph (1) (a) above shall not exceed £1,200 million.
§ (4) The aggregate of the grants authorised by sub-paragraph (1) (b) above shall be subject to a limit of £600 million, capable of being increased by order to not more than £800 million; and that limit (as it applies for the time being) may be treated as increased by any amount by which the aggregate amount expended by way of grants authorised by sub-paragraph (1)(a) above falls short of the limit mentioned in sub-paragraph (3) above after reaching an amount equal to the amount of any such outstanding group deficit as is mentioned in sub-paragraph (1)(a) above.
§ Grants in connection with pit closures
§ 2. Any increase in payments out of money provided by Parliament resulting from—
- (a) extending the period in respect of which grants may be made under section 6 of the Coal Industry Act 1977 (grants in connection with pit closures) to cover the financial year of the Board ending in March 1987; and
- (b) providing power by order to increase the limit under subsection (5) of that section on the aggregate amount of such grants to £450 million.
§ Redundant workers
§ 3. Any increase in payments out of money provided by Parliament resulting from—
- (a) extending the qualifying period for payments under a scheme under section 7 of the Coal Industry Act 1977 (payments to or in respect of redundant workers) until 29th March 1987;
- (b) extending the period to which the limit under subsection (5) of that section on the aggregate amount of such payments applies to cover the financial year of the Board ending in March 1987; and
- (c) providing power by order to increase that limit to £1,800 million.—[Mr. Archie Hamilton.]