HC Deb 21 June 1974 vol 875 c291W
Mr. Bruce-Gardyne

asked the Secretary of State for Industry what has been the total cost to public funds of financial assistance for Kearney and Trecker Marwin to date; what plans he has to provide further assistance; and how he intends to ensure that accountability to Parliament for any such further assistance is secured.

Mr. Heffer

Including assistance previously given by the Industrial Reorganisation Corporation, the total cost to public funds is, to date, £1.75 million.

My Department has now agreed, as part of an arrangement for reconstructing the capital of Kearney and Trecker Marwin, to make available up to a further £3.5 million to a new holding company. Under these proposals Vickers Limited would take over the management. These arrangements are still under negotiation. The usual provisions for accounting to the House for public expenditure will apply.

Back to