HC Deb 21 June 1974 vol 875 cc294-9W
Mr. Stanley

asked the Chancellor of the Exchequer if he will publish a table showing in each of the last 10 years the public debt liability of each of the nationalised industries, the interest paid on that debt and the amounts of any capital dividend payments made by nationalised industries to the Exchequer.

Mr. Joel Barnett,

pursuant to his reply [OFFICIAL REPORT, 20th June], gave the following information:

Following is the information all of which can be derived from successive issues of the "Consolidated Fund and National Loans Fund Accounts" and the "Supplementary Statements to the Consolidated Fund and National Loans Fund Accounts" published annually, the latest being HC38 and HC39 of December 1973.

(1) CONSOLIDATED FUND AND NATIONAL LOANS FUND LOANS OUTSTANDING AT 31ST MARCH
£ million
1965 1966 1967 1968 1969 1970 1971 1972 1973 1974
Post Office … … 1,016.1 1,111.1 1,241.1 1,441.1 1,681.1 1,921.1 2,174.5 2,459.7 2,752.4 3,065.8
National Coal Board … … 546.1 585.2 628.0 704.0 724.3 713.2 684.7 728.9 418.8 437.4
Electricity Council … … 1,686.8 1,981.6 2,378.6 2,715.0 2,879.4 3,163.4 3,350.1 3,488.4 3,569.5 3,413.4
North of Scotland Hydro-Electric Board … … 126.8 138.4 159.8 163.0 168.1 169.5 183.8 195.0 205.1 214.2
South of Scotland Electricity Board … … 191.6 218.0 239.4 279.6 314.1 349.1 390.6 435.2 458.7 489.1
British Gas Corporation … … 275.4 336.8 501.2 736.4 969.3 1,127.3 1,260.5 1,448.4 1,621.3 1,583.4
British Steel Corporation … … — — — 1,000.0 981.5 321.8 365.0 509.5 502.5 499.4
British Airways Board* … … 195.6 105.0 107.8 123.1 150.0 119.9 144.1 187.7 151.8 116.0
British Airports Authority … … — — 54.1 54.9 57.8 58.6 58.3 58.0 57.8 57.5
British Railways Board … … 1,582.1 1,612.1 1,622.1 1,627.1 365.0 350.0 365.0 404.0 404.0 438.7
British Transport Docks Board … … 84.1 85.4 86.3 91.7 100.2 109.9 117.2 120.2 123.4 123.4
British Waterways Board … … 20.3 20.5 20.7 21.2 6.3 6.7 6.9 7.4 8.1 8.1
Transport Holding Company … … 122.5 132.5 132.5 186.5 200.5 200.5 200.5 200.5 — —
National Freight Corporation … … — — — — — 10.0 25.0 25.0 124.3 124.3
National Bus Company … … — — — — — — 2.0 2.0 99.6 99.6
Scottish Transport Group … … — — — — — — — — 19.9 19.9
London Transport Board … … 182.3 200.8 219.6 237.8 258.8 — — — — —
* Prior to 1st April 1972 the British Overseas Airways Corporation and British European Airways.

(2) RECEIPTS OF INTEREST PAID INTO CONSOLIDATED FUND AND NATIONAL LOANS FUND
£ million
1964–65 1965–66 1966–67 1967–68 1968–69 1969–70 1970–71 1971–72 1972–73 1973–74
Post Office … … 45.8 52.3 59.7 70.5 91.9 111.2 135.6 157.2 191.3 217.6
National Coal Board … … 40.5 24.7 25.6 29.8 36.4 39.9 36.2 36.7 39.9 26.3
Electricity Council … … 77.3 95.7 117.5 147.7 172.1 188.1 218.4 237.6 250.2 274.3
North of Scotland Hydro-Electric Board … … 6.2 7.1 7.9 8.7 9.6 10.8 11.4 12.7 13.4 14.8
South of Scotland Electricity Board … … 9.6 11.3 13.0 14.4 17.9 21.4 24.7 28.9 32.4 36.0
British Gas Corporation … … 13.0 15.7 20.0 33.5 54.0 72.8 85.8 98.5 114.2 124.3
British Steel Corporation … … — — — 20.0 7.7 22.0 24.4 31.1 35.6 41.7
British Airways Board* … … 9.5 6.3 5.7 5.6 7.3 7.6 5.8 11.8 12.6 9.7
British Airports Authority … … — — 2.1 2.8 2.8 3.3 3.2 3.9 3.2 3.2
British Railways Board … … 48.3 48.9 52.0 52.6 54.4 22.1 21.3 23.1 27.0 27.5
British Transport Docks Board … … 3.1 3.0 3.0 3.2 4.0 4.5 5.3 5.9 6.4 6.6
British Waterways Board … … 0.8 0.8 0.8 0.8 0.9 0.4 0.4 0.5 0.5 0.5
Transport Holding Company … … 3.9 3.8 3.8 4.9 7.9 0.2 0.3 0.2 — —
National Freight Corporation … … — — — — — 4.2 6.9 7.4 7.5 7.5
National Bus Company … … — — — — — 3.7 5.6 4.7 5.5 5.0
Scottish Transport Group … … — — — — — 0.7 0.7 0.7 0.4 0.6
London Transport Board … … 6.0 6.5 8.0 9.4 10.8 12.3 1.6 — — —
* Prior to 1st April 1972 the British Overseas Airways Corporation and British European Airways.

(3) PUBLIC DIVIDEND CAPITAL HELD AT 31ST MARCH
£ million
1965 1966 1967 1968 1969 1970 1971 1972 1973 1974
British Steel Corporation … … — — — — — 700.0 700.0 500.0 500.0 500.0
British Overseas Airways Corporation … … — 35.0 35.0 35.0 50.0 65.0 65.0 65.0 — —
British Airways Board … … — — — — — — — — 125.0 136.4
Industrial Reorganisation Corporation … … — — 3.0 18.0 31.0 39.0 43.0 — — —

(4) DIVIDENDS RECEIVED ON PUBLIC DIVIDEND CAPITAL
£ million
1965 1966 1967 1968 1969 1970 1971 1972 1973 1974
British Overseas Airways Corporation … … — — 3.5 5.3 10.0 12.5 13.0 4.9 — —
British Airways Board … … — — — — — — — — 3.3 6.3
Industrial Reorganisation Corporation … … — — — — — 0.8 0.5 — — —

Mr. Stanley

asked the Chancellor of the Exchequer if he will publish a table showing in each of the last 10 years the debt write-offs that have been granted to each of the nationalised industries.

Date Nationalised Industries Amount
£m.
31st March 1965 … … National Coal Board … … 415.0 (a)
31st March 1965 … … British Overseas Airways Corporation … … 110.0 (b)
31st March 1965 … … British European Airways … … 25.0
31st December 1968 … … British Railways Board … … 1262.1 (c)
31st December 1968 … … British Waterways Board … … 15.5
1st January 1970 … … London Transport Board … … 269.8
1st April 1972 … … British Steel Corporation … … 3500 (d)
16th March 1973 … … Post Office … … 130.6
31st March 1973 … … National Coal Board … … 450.0 (e)
17th August 1973 … … Post Office … … 46.8

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 £175 million in respect of accumulated 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.