Nationalised Industries (Finances) (Hansard, 24 July 1974)

§ Mr. Viggers
asked the Chancellor of the Exchequer if he will state for each nationalised industry the amounts of capital debt and revenue deficits written off since 1st April 1973, or due to be written off as a result of announcements already made or legislation proposed.

§ Mr. Joel Barnett
Post Office debt amounting to £46.8 million was written off in August 1973. The Railways Bill now before Parliament provides for £189 million of the capital debt of the British

Industry Accounting period Surplus (Deficit)

£ million

North of Scotland Hydro-Electric Board … … … 1973–74 (2.7)

South of Scotland Electricity Board … … … 1973–74 (10.1)

British Airports Authority … … … … … 1973–74 3.8

British Railways Board … … … … … 1973 (51.6)

British Transport Docks Board … … … … 1973 1.7

British Waterways Board … … … … … 1973 (3.8)

National Freight Corporation … … … … 1973 0.1

National Bus Company … … … … … 1973 2.1

Scottish Transport Group … … … … … 1973 1.2

The above figures exclude deficit grants and compensation for price restraint.

§ Mr. Viggers
asked the Chancellor of the Exchequer if he will state the amount of subsidy given to each nationalised industry in 1973–74; and if he will list the total amount of future aid so far pledged to each nationalised industry in the present and coming years.

§ Mr. Joel Barnett
For details of payments in 1973–74 I would refer the hon. Member to the answer given on 20th May to the hon. Member for Tonbridge and Mailing (Mr. Stanley).—[Vol. 874, c.35–8.]
In 1974–75 the Government propose to pay compensation for price restraint under the Statutory Corporations (Financial Provisions) Act 1974. Subject to the approval of Parliament, the Scottish electricity boards will receive £12.8 million in respect of 1973–74. Details of proposed payments to the electricity boards in England and Wales, the British Gas Corporation and the Post Office will be announced shortly.
Provision for other forms of assistance to the nationalised industries in 1974–75 is shown in the Supply Estimates as follows:
500W
Railways Board to be written off on 1st January 1975

§ Mr. Viggers
asked the Chancellor of the Exchequer if he will state the overall surplus or deficit for each nationalised industry in the financial year 1973–74, or corresponding accounting period.

§ Mr. Joel Barnett
Surplus-deficit figures for the 1973 or 1973–74 accounting periods, as published in the annual reports and accounts of the industries, are listed below. The reports and accounts of the remaining industries for 1973–74 are not yet available.

£m.

National Coal Board 163.6

Electricity supply industry in England and Wales 4.5

British Gas Corporation

Scottish Electricity Boards 1.5

British Railways Board^* 306.9

British Waterways Board 5.6

Scottish Transport Group† 0.6

No amounts of assistance have been agreed for future years.

^* Based on estimated requirements for a full year under the existing arrangements. Adjustments will be made as appropriate to take account of the new financial system proposed in the Railways Bill now before Parliament to take effect from 1st January 1975.

† The Secretary of State for Scotland has recently undertaken to review the form and level of the subsidy payable for the essential shipping services to the Scottish Islands.

Industry	Accounting period	Surplus (Deficit)
	£ million
North of Scotland Hydro-Electric Board	…	…	…	1973–74	(2.7)
South of Scotland Electricity Board	…	…	…	1973–74	(10.1)
British Airports Authority	…	…	…	…	…	1973–74	3.8
British Railways Board	…	…	…	…	…	1973	(51.6)
British Transport Docks Board	…	…	…	…	1973	1.7
British Waterways Board	…	…	…	…	…	1973	(3.8)
National Freight Corporation	…	…	…	…	1973	0.1
National Bus Company	…	…	…	…	…	1973	2.1
Scottish Transport Group	…	…	…	…	…	1973	1.2
The above figures exclude deficit grants and compensation for price restraint.

	£m.
National Coal Board	163.6
Electricity supply industry in England and Wales	4.5
British Gas Corporation
Scottish Electricity Boards	1.5
British Railways Board^*	306.9
British Waterways Board	5.6
Scottish Transport Group†	0.6
No amounts of assistance have been agreed for future years.
^* Based on estimated requirements for a full year under the existing arrangements. Adjustments will be made as appropriate to take account of the new financial system proposed in the Railways Bill now before Parliament to take effect from 1st January 1975.
† The Secretary of State for Scotland has recently undertaken to review the form and level of the subsidy payable for the essential shipping services to the Scottish Islands.