Nationalised Industries

HC Deb 03 July 1974 vol 876 cc201-3W

Mr. Tebbit

asked the Chancellor of the Exchequer if he will list the total

NATIONALISED INDUSTRIES
GRANTS AND SUBSIDIES
TABLE A
£ million
	1945–46	1946–47	1947–48	1948–49	1949–50	1950–51	1951–52	1952–53
Outturn prices	…	4.5	6.4	11.4	5.2	7.8	7.0	2.9	1.3
January 1974 prices		16.3	21.8	36.3	15.4	22.5	19.7	7.5	3.2
	1953–54	1954–55	1955–56	1956–57	1957–58	1958–59	1959–60	1960–61
Outturn prices	…	1.5	—	—	—	—	—	—	106.8
January 1974 prices		3.6	—	—	—	—	—	—	215.3
	1961–62	1962–63	1963–64	1964–65	1965–66	1966–67	1967–68	1968–69
Outturn prices	…	152.9	152.9	127.8	121.0	135.6	143.4	174.4	171.5
January 1974 prices		299.8	288.5	236.7	216.8	232.2	236.2	279.9	263.0
	1969–70	1970–71	1971–72	1972–73	1973–74
Outturn prices	…	137.3	104.7	203.2	210.2	506.3
January 1974 prices		199.9	143.2	254.0	245.3	541.5

amount paid in grant and subsidies to nationalised industries, the total amount of their loans and debts written off and the amount paid to the Exchequer by way of profits and taxation, for each year since 1945, adjusted to the current value of the pound.

Mr. Joel Barnett

Amounts paid since 1945 in grants and subsidies to the nationalised industries as a whole, at outturn and January 1974 prices, are set out in Table A below. The figures exclude grants of a kind which are also available to private industry. Table B lists all write-offs of capital debt and of deficits on revenue accounts.

For details of annual surpluses and deficits I would refer the hon. Member to Table A in the answer given on 1st April to the hon. Member for Norfolk, North (Mr. Howell).—[Vol. 871, c. 257–60.] The totals for each year converted to January 1974 prices are in Table C below.

Details of tax payments are not readily available. Table D summarises, however, the total amounts included in the annual accounts of the nationalised industries as provision for direct taxes.

TABLE B
NATIONALISED INDUSTRIES
Capital Debt and Revenue Deficits Written off
	Amount (£ million)
Date	Nationalised Industry	Outturn Prices	January 1974 Prices
31st December 1962	…	British Transport Commission	…	…	…	487.4	914.4
31st March 1965	…	National Coal Board	…	…	…	415.0*	724.3
31st March 1965	…	British Overseas Airways Corporation	…	…	110.0†	192.0
31st March 1965	…	British European Airways	…	…	…	25.0	43.6
31st December 1968	…	British Railways Board	…	…	…	1,262.1‡	1,886.5
31st December 1968	…	British Waterways Board	…	…	…	15.5	23.2
1st January 1970	…	London Transport Board	…	…	…	269.8	384.9
1st April 1972	…	British Steel Corporation	…	…	…	350.0§	418.7
16th March 1973	…	Post Office	…	…	…	130.6	144.5
31st March 1973	…	National Coal Board	…	…	…	450.0║	497.8
17th August 1973	…	Post Office	…	…	…	46.8	49.8

Notes:

^*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.

†Including £30 million reconstituted as a reserve, which has since been capitalised as public dividend capital.

‡Including £705 million debt suspended under the Transport Act 1962 and finally written off under the Transport Act 1968.

§ 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.

║Includes £175 million in respect of accumul[...]aed revenue losses to March 1973, but excludes £100 million special deficit grant in respect of revenue losses in the year ended March 1972. Assistance to the National Coal Board under the Coal Industry Act 1973 is also excluded, together with the special deficit grant in respect of revenue losses in the year ended March 1974.

TABLE C
NATIONALISED INDUSTRIES
Aggregate Surplus/Deficits
£ million at January 1974 prices
1945–46	1946–47	1947–48	1948–49	1949–50	1950–51	1951–52
-19.5	-35.7	-108.3	-21.3	-39.3	-3.1	29.6
1952–53	1953–54	1954–55	1955–56	1956–57	1957–58	1958–59
56.1	44.1	15.0	-81.4	-53.3	-109.1	-160.2
1959–60	1960–61	1961–62	1962–63	1963–64	1964–65	1965–66
-146.2	-209.3	-279.8	-174.7	-31.9	10.4	6.2
1966–67	1967–68	1968–69	1969–70	1970–71	1971–72	1972–73
-58.0	-114.9	13.3	198.0	-59.8	-273.4	-169.0

TABLE D
NATIONALISED INDUSTRIES
Direct Taxes
£ million
	1949–50	1950–51	1951–52	1952–53	1953–54	1954–55	1955–56	1956–57
Outturn prices	…	3.5	3.3	3.2	0.3	5.1	1.6	0.3	5.0
January 1974 prices		10.1	9.3	8.2	0.7	12.2	3.8	0.7	10.9
	1958–59	1963–64	1964–65	1965–66	1966–67	1967–68	1968–69	1969–70
Outturn prices	…	-10.0	4.9	4.0	1.6	2.9	4.8	6.0	7.0
January 1974 prices		-20.5	9.1	7.2	2.7	6.8	7.7	9.2	10.2
	1970–71	1971–72	1972–73
Outturn prices	…	4.1	6.1	10.3
January 1974 prices		5.6	7.6	12.0