§ Mr. Meacherasked the Chancellor of the Exchequer what has been the annual level of borrowing by each nationalised industry since the date of its nationalisation in order to finance, respectively, net investment and the replacement of existing capital equipment, and in each case what has been the annual level of interest payments on these borrowings and to whom have they accrued.
§ Mr. Nott, pursuant to his reply [OFFICIAL REPORT, 22nd October 1973; Vol. 861, c. 383], gave the following information:
The tables below show net borrowing specifically for capital purposes by each nationalised industry since 1946 and the interest paid on these elements of capital liabilities. It is not possible to attribute particular sources of capital funds, such as borrowing, to particular uses—such as net investment and replacement of existing capital. The figures of borrowing cover net receipts from stock issues, Government advances and foreign loans; the interest figures have been split between these three types of borrowing. Interest on stock, however, cannot be analysed further according to the sector receiving it, although it is known that some is paid to the public sector.
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£ million National Coal Board* British Gas Corporation† Electricity Council‡ Scottish Electricity Boards§ Year ended March Net borrowing Interest payable to central government Net borrowing On stock Interest payable To central government On foreign loans Net borrowing On stock Interest payable To central government On foreign loans Net borrowing On stock Interest payable To central government On foreign loans 1946–47 … … — — — — — — — — — — — — — — 1947–48 … … 33 0.3 — — — — — — — — 5 — — — 1948–49 … … — 0.5 — — — — 99 1.4 — — 12 0.3 — — 1949–50 … … — 0.5 40 1.1 — — — 3.0 — — 10 0.5 — — 1950–51 … … -1 0.5 — 1.2 — — 148 6.6 — — 15 0.9 — — 1951–52 … … — 0.5 73 2.6 — — — 8.3 — — — 1.3 — — 1952–53 … … 31 1.3 — 3.8 — — 148 13.5 — — 20 1.8 — — 1953–54 … … 41 2.4 70 5.4 — — 125 19.1 — — 19 2.5 — — 1954–55 … … 54 4.0 —4 6.9 — — 100 21.7 — — 25 2.8 — — 1955–56 … … 88 7.0 95 8.9 — — 197 27.7 — — 25 2.9 — — 1956–57 … … 15 8.2 24 10.8 0.5 — 148 32.4 2.2 — 19 5.1 — — 1957–58 … … 88 13.1 31 10.8 2.1 — 117 32.4 10.3 — 32 5.1 1.6 — 1958–59 … … 129 19.1 23 10.8 3.5 — 128 32.4 17.4 — 31 5.1 3.4 — 1959–60 … … 107 24.2 26 10.8 4.7 — 190 32.4 26.2 — 34 5.1 5.1 — 1960–61 … … 36 28.7 19 10.8 6.1 — 153 32.4 36.4 — 25 5.0 6.8 — 1961–62 … … -16 29.7 13 10.8 7.0 — 191 32.4 48.0 — 30 4.9 8.7 — 1962–63 … … 9 31.3 21 10.8 8.0 — 193 32.4 59.2 — 35 4.8 11.0 — 1963–64 … … -26 37.4 69 10.8 10.3 — 250 32.4 70.6 — 43 4.7 13.0 — 1964–65 … … 37 30.6 50 10.8 13.5 — 317 32.4 86.0 — 60 5.9 20.3 — 1965–66 … … 30 24.8 61 10.8 16.9 — 295 32.4 106.9 — 36 4.5 18.9 — 1966–67 … … 38 28.0 164 10.8 24.8 — 397 32.4 132.2 — 28 4.1 21.9 — 1967–68 … … 82 34.0 262 10.8 40.3 — 336 32.4 160.1 — 42 3.7 24.9 — 1968–69 … … 23 37.9 206 10.8 58.2 — 164 32.4 179.2 — 38 3.7 28.3 — 1969–70 … … -28 37.0 189 10.8 72.6 2.4 105 26.7 201.7 0.9 30 3.1 32.2 0.4 1970–71 … … -15 35.3 169 10.8 88.9 2.7 202 23.4 224.2 1.6 48 2.6 36.9 0.9 1971–72 … … 49 38.8 136 9.4 101.3 6.4 138 23.4 244.4 2.8 56 2.6 42.0 0.8 1972–73 … … 115 43.0 2 3.8 116.9 6.5 120 23.4 253.0 3.0 51 2.6 45.7 2.0 * Figures are for calendar years until 1962. The figures for 1963–64 cover the 15 months ended March 1964. † Gas Council and Area Boards before 1st January 1973. ‡ British Electricity Authority until March 1955; Central Electricity Authority from April 1955 to December 1957; Electricity Council (England and wales from January 1958. § North of Scotland Hydro Electric Board and, from April 1955, South of Scotland Electricity Board. Figures are for calendar years until 1963. The figures for 1964–65 cover the 15 months ended March 1965.
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£ million British Airways* British Airports Authority Post Office† British Steel Corporation§ Year ended March Net borrowing On stock Interest payable To central government† On foreign loans Net borrowing Interest payable to central government† Net borrowing To central government On foreign loans Net borrowing Interest payable to central government 1946–47 … 16 0.3 — — — — — — — — — 1947–48 … -1 0.5 — — — — — — — — — 1948–49 … 9 0.5 — — — — — — — — — 1949–50 … 10 1.1 — — — — — — — — — 1950–51 … — 1.2 — — — — — — — — — 1951–52 … -1 1.2 — — — — — — — — — 1952–53 … 10 1.2 — — — — — — — — — 1953–54 … 11 1.5 — — — — — — — — — 1954–55 … 2 1.7 — — — — — — — — — 1955–56 … 9 2.2 — — — — — — — — — 1956–57 … 21 2.6 0.3 — — — — — — — — 1957–58 … 50 2.7 2.0 — — — — — — — — 1958–59 … 27 2.7 3.8 0.3 — — — — — — — 1959–60 … 13 2.7 4.6 0.2 — — — — — — — 1960–61 … 29 2.6 6.0 0.1 — — — — — — — 1961–62 … 30 2.6 7.8 — — — 40 0.6 — — — 1962–63 … 15 2.6 9.4 — — — 35 3.3 — — — 1963–64 … 4 2.6 9.5 — — — 65 5.6 — — — 1964–65 … 6 2.5 9.9 — — — 85 9.8 — — — 1965–66 … 2 0.6 8.6 — — — 95 15.8 — — — 1966–67 … 4 0.6 10.7 — — — 130 22.9 — — — 1967–68 … 22 0.6 16.3 0.2 2 — 200 33.5 — 179 10.1 1968–69 … 47 — 19.3 1.1 3 0.2 240 50.1 — -12 11.5 1969–70 … — — 20.7 2.4 1 0.4 240 69.8 — 21 7.1 1970–71 … 74 — 13.0 4.4 — 0.4 261 92.2 0.3 58 15.7 1971–72 … 70 — 14.1 5.9 — 0.4 299 166.6 0.6 29 23.9 1972–73 … 8 — 18.1 7.1 -1 0.4 423 147.4 0.4 43 27.5 * BEA and BOAC before 1972–73. † Including dividends on public dividend capital. ‡ Treated as a public corporation from April 1961 (by virtue of the Post Office Act 1961). § Before 1970–71 periods related to year ended September 1968, year ended September 1969, and 6 months ended March 1970.
£ million British Transport Commission* Interest payable Calendar years Net borrowing† On stock To central government 1948 … … … … — — — 1949 … … … … — — — 1950 … … … … — — — 1951 … … … … 60 1.1 — 1952 … … … … 55 4.8 — 1953 … … … … — 7.2 — 1954 … … … … 81 8.8 — 1955 … … … … 41 9.7 — 1956 … … … … 40 9.7 0.3 1957 … … … … 61 9.7 6.5 1958 … … … … 112 9.7 16.1 1959 … … … … 112 9.7 26.3 1960 … … … … 145 9.7 35.6 1961 … … … … 144 9.7 45.1 1962 … … … … 77 9.7 52.5
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£ million British Rail Interest payable London Transport† British Transport Docks British Waterways Transport Holding Company § National Freight Corporation National Bus Company Calendar years Net borrowing To central government On foreign loans Net borrowing Interest payable to central government Net borrowing Interest payable to central government Net borrowing Interest payable to central government Net borrowing Interest payable to central government Net borrowing Interest payable to central government Net borrowing Interest payable to central government 1963 … — — — 4 0.1 — — — — — — 1964 … 15 0.1 — 13 0.6 — — 1 — — — 1965 … 35 1.8 — 18 1.6 — — — 0.1 — — 1966 … 5 3.2 — 19 2.9 3 0.2 — 0.1 10 0.6 1967 … 10 3.9 — 15 4.0 8 0.6 1 0.1 5 0.7 1968 … — 4.3 — 24 5.5 9 1.2 — 0.1 63 3.9 1969 … — 4.3 — 15 6.8 10 2.0 — 0.2 — — — — — — 1970 … — 4.3 — 7 2.7 1 0.2 — — 20 1.0 — — 1971 … 59 5.5 0.2 4 3.3 — 0.2 2 — 5 2.2 2 0.2 1972 … 7 7.9 1.2 5 3.7 — 0.3 — — — 2.2 — 0.2 * Dissolved on 31st December 1962 and recreated on 1st January 1969 as the five separate undertakings shown below. † Other than to meet deficits on revenue account. ‡ Control passed to the Greater London Council on 1st January 1970. § From 1st January 1969 most assets were transferred to the National Freight Corporation and National Bus Company established on 1st January 1969.