HC Deb 01 April 1974 vol 871 cc256-61W
Mr. Ralph Howell

asked the Chancellor of the Exchequer if he will publish a table showing, for each of the nationalised industries, since nationalisation and up to the latest date for which the figures are available (a) total accumulated net annual profits after interest payments, at

TABLE A
NATIONALISED INDUSTRIES: SURPLUS/DEFICITS (£m.)
1945–46 1946–47 1947–48 1948–49 1949–50 1950–51 1951–52
National Coal Board — -0.2 -23.3 1.7 9.5 8.3 -1.8
Electricity Boards (England and Wales) — — — 4.4 7.2 6.6 2.9
North of Scotland Hydro-Electric Board — — — — 0.1 — —
South of Scotland Electricity Board — — — — — — —
British Gas Corporation — — — — 0.5 2.6 2.8
British Steel Corporation — — — — — — 8.0
Post Office — — — — — — —
BOAC -5.4 -8.1 -7.1 -5.8 -8.7 -3.5 0.9
BEA — -2.2 -3.6 -2.8 -1.4 -1.0 -1.4
British Airports Authority — — — — — — —
British Transport Commission — — — -4.7 -20.8 -14.1 0.1
British Railways Board — — — — — — —
London Transport Board — — — — — — —
British Transport Docks Board — — — — — — —
British Waterways Board — — — — — — —
Transport Holding Company — — — — — — —
National Freight Corporation — — — — — — —
National Bus Company — — — — — — —
Scottish Transport Group — — — — — — —
Actual Totals -5.4 -10.5 -34.0 -7.2 -13.6 -1.1 11.5
Totals at 1973 Prices -17.6 -33.4 -101.3 -19.9 -36.7 -2.9 27.7

1952–53 1953–54 1954–55 1955–56 1956–57 1957–58 1958–59
National Coal Board -8.1 0.5 -3.5 -19.6 12.8 -5.3 -3.5
Electricity Boards (England and Wales) 7.3 13.2 18.8 12.2 11.7 16.1 27.3
North of Scotland Hydro-Electric Board — — 0.3 -0.8 -0.2 — -0.1
South of Scotland Electricity Board — — — 0.6 1.2 0.5 0.1
British Gas Corporation 4.8 1.5 2.6 0.8 3.8 2.8 -1.5
British Steel Corporation 16.4 — — — — — —
Post Office — — — — — — —
BOAC -0.3 0.9 — 0.9 0.4 -3.5 -11.7
BEA -1.5 -1.8 0.1 0.6 0.2 1.1 0.2
British Airports Authority — — — — — — —
British Transport Commission 4.5 4.2 -11.9 -30.6 -54.4 -63.5 -89.0
British Railways Board — — — — — — —
London Transport Board — — — — — — —
British Transport Docks Board — — — — — — —
British Waterways Board — — — — — — —
Transport Holding Company — — — — — — —
National Freight Corporation — — — — — — —
National Bus Company — — — — — — —
Scottish Transport Group — — — — — — —
Actual Totals 23.1 18.5 6.4 -35.9 -24.5 -51.8 -78.2
Totals at 1973 Prices 52.2 41.3 14.0 -76.2 -49.8 -102.0 -149.9

1973 prices, and (b) total capital debt and revenue deficits written off, at 1973 prices.

Mr. Joel Barnett

The annual surpluses and deficits of the nationalised industries with the total for each year converted to 1973 prices are shown in table A following. The amounts of capital debt and revenue deficits written off are shown in table B.

1959–60 1960–61 1961–62 1962–63 1963–64 1964–65 1965–66
National Coal Board -24.0 -21.3 -15.0 1.4 0.1 0.5 -24.S
Electricity Boards (England and Wales) 26.7 16.3 26.9 42.5 70.4 64.1 84.7
North of Scotland Hydro-Electric Board — 0.2 1.7 1.5 -0.3 0.6 0.9
South of Scotland Electricity Board 0.1 0.4 0.4 1.8 1.6 1.8 1.1
British Gas Corporation -2.4 2.0 3.3 4.9 9.6 15.2 11.1
British Steel Corporation — — — — — — —
Post Office — — 13.6 12.1 30.7 20.1 40.2
BOAC -0.5 -2.0 -50.1 -12.9 -10.4 8.0 9.4
BEA 2.1 1.5 -1.5 -0.3 3.0 1.3 1.3
British Airports Authority — — — — — — —
British Transport Commission -73.8 -100.9 -122.0 -143.6 — — —
British Railways Board — — — — -133.9 -120.9 -132.4
London Transport Board — — — — 2.1 1.3 -1.0
British Transport Docks Board — — — — 1.5 1.6 1.1
British Waterways Board — — — — -1.5 -1.5 -1.5
Transport Holding Company — — — — 9.9 13.7 13.5
National Freight Corporation — — — — — — —
National Bus Company — — — — — — —
Scottish Transport Group — — — — — — —
Actual Totals -71.8 -103.8 -142.7 -92.6 -17.2 5.8 3.6
Totals at 1973 Prices -136.7 -195.8 -261.4 -163.5 -29.8 9.7 5.8

1966–67 1967–68 1968–69 1969–70 1970–71 1971–72 1972–73
National Coal Board 0.3 0.4 .8.9 -26.1 0.5 -157.0 -83.6
Electricity Boards (England and Wales) 20.6 55.0 100.6 64.5 -55.8 -23.3 2.0
North of Scotland Hydro-Electric Board 0.4 0.8 -1.4 -0.9 0.1 -3.2 -2.5
South of Scotland Electricity Board -1.5 1.1 0.6 0.3 -1.1 -3.0 -0.6
British Gas Corporation 3.9 -12.9 17.5 13.7 2.0 15.1 5.6
British Steel Corporation — -19.5 -22.8 12.4 -10.4 -68.0 2.8
Post Office 44.3 39.3 44.4 36.2 20.5 36.1 -64.1
BOAC 25.5 22.8 21.8 19.8 3.6 -l.3 5.2*
BEA 0.7 -1.8 3.5 6.5 0.5 0.2
British Airports Authority 1.7 1.8 2.8 3.6 3.9 4.5 6.7
British Transport Commission — — — — — — —
British Railways Board -134.7 -153.0 .147.4 14.7 9.5 -15.4 -26.2
London Transport Board -5.9 -10.9 -10.0 -10.7 — — —
British Transport Docks Board 1.5 1.6 1.5 -0.4 -1.6 0.4 0.8
British Waterways Board -1.5 -1.4 -1.5 -0.2 -2.0 -2.6 -3.1
Transport Holding Company 9.5 5.1 8.0 0.8 -0.5 -0.5 —
National Freight Corporation — — — -1.9 -1.2 -1.6 1.2
National Bus Company — — — 2.7 -9.6 -0.5 9.4
Scottish Transport Group — — — 1.0 -2.1 1.4 1.6
Actual Totals -35.2 -71.6 8.7 136.0 -43.7 -218.7 -144.8
Totals at 1973 Prices -54.2 -107.6 12.5 185.1 -55.9 -255.7 -158.1
* British Airways Board.
Notes to Table A
(a) The results shown have been taken from the annual accounts of the nationalised industries; those for the transport industries are for calendar years. There have also been variations in the periods covered by the accounts of the National Coal Board, the British Steel Corporation and the North of Scotland Hydro-Electric Board.
(b) The Post Office has been included from 1961–62 when it was decided that it should be treated in matters of finance as though it were a nationalised industry.
(c) The results are given before Government grants to meet deficits on revenue account or in respect of price restraint but after grants for specific purposes. They are after interest and taxation.
(d) The index used for conversion to 1973 prices is based on changes in the internal purchasing power of the pound, and is not related to the proposals which have been put forward by the accounting profession for inflation accounting.

TABLE B
NATIONALISED INDUSTRIES
Capital debt and revenue deficits written off from 1945 to 1973
Date Nationalised Industry Amount Amount at 1973 prices
£m. £m.
31st December 1962 … British Transport Commission … 487.4 860.7
31st March 1965 … National Coal Board … 415.0(a) 664.0
31st March 1965 … British Overseas Airways Corporation … 110.0(b) 176.0
31st March 1965 … British European Airways … 25.0 40.0
31st December 1968 … British Railways Board … 1,262.1(c) 1,811.1
31st December 1968 … British Waterways Board … 15.5 22.2
1st January 1970 … London Transport Board … 269.8 345.3
1st April 1972 … British Steel Corporation … 350.0(d) 382.2
16th March 1973 … Post Office … 130.6 130.6
31st March 1973 … National Coal Board … 550 0(e) 550.0
Notes:
(a) Includes £90.8 million in respect of accumulated revenue losses at March 1965 and £24.8 million provision for revenue losses in the year ended March 1966.
(b) Including £30 million reconstituted as a reserve, which has since been capitalised as public dividend capital.
(c) Including £705 million debt suspended under the Transport Act 1962 and finally written off under the Transport Act 1968.
(d) This amount was transferred to reserves under the Iron and Steel Act 1972; against this £118 million had been written off by 31st March 1973.
(e) Includes £100 million special deficit grant in respect of revenue losses in the year ended March 1972 and £175 million in respect of accumulated revenue losses to March 1973.