§ LORD WELLS-PESTELLasked Her Majesty's Government:
Whether they will make a statement about I.R.C. assistance to Rolls Royce.
§ THE MINISTER OF STATE, MINISTRY OF TECHNOLOGY, (LORD DELACOURT-SMITH)I have been informed by Rolls Royce and the I.R.C. that the company are proposing to accept an I.R.C. loan of £10 million to help finance the company's operations, particularly while the advanced technology RB.211 engine is coming into production. A second loan of £10 million will be considered in 1971. The loan is separate from any launching aid which may be given by Her Majesty's Government to the company for specific projects.
I welcome this measure to strengthen a company which is making such a distinguished contribution to our technology and my right honourable friend has issued a request accordingly under Section 2(1) (b) of the Industrial Reorganisation Act that the Corporation should afford Rolls Royce the necessary financial assistance.
House adjourned at twentythree minutes before six o'clock.