Nationalised Industries (Hansard, 5 December 1975)

§ Mr. Stanley
asked the Chancellor of the Exchequer what were the total profits or losses of the nationalised industries in each year since 1945 after providing for depreciation and interest and after crediting compensation for price restraint under the Statutory Corporations (Financial Provisions) Acts.

§ Mr. Joel Barnett
The following information on the basis requested is available from the annual reports and accounts of the industries:

Nationalised Industries: Aggregate Surplus/Deficits (£ million)

1945–46 −5.4

1946–47 −10.5

1947–48 −34.0

1948–49 −7.2

1949–50 −13.6

1950–51 −1.1

1951–52 11.5

1952–53 23.1

1953–54 18.5

1954–55 6.4

1955–56 −35.9

1956–57 −24.5

1957–58 −51.8

1958–59 −78.2

1959–60 −71.8

1960–61 −103.8

1961–62 −142.7

1962–63 −92.6

1963–64 −17.2

1964–65 5.8

1965–66 3.6

1966–67 −35.2

1967–68 −71.6

1968–69 8.7

1969–70 134.7

1970–71 −42.6^*

1971–72 −212.5^*

1972–73 −138.1^*

1973–74 10.6^*

1974–75 −129.1

^* Compensation for price restraint in this period has been apportioned to the year in respect of which it was paid in the case of the Post Office and the Scottish electricity boards. But in the case of the electricity industry (England and Wales) and the gas industry it is not possible to make such an apportionment from the accounts. The effect is to overstate the overall deficit position of the

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nationalised industries in the years 1970–71 to 1972–73 and by the same token to produce a small surplus in 1973–74, since it was in the accounts for that year that the compensation for the whole period shows.

§ Mr. Stanley
asked the Chancellor of the Exchequer if he will publish a table

NATIONALISED INDUSTRIES

Capital Debt and Revenue Deficits Written-off £ million

31st December 1962 … … … British Transport Commission … … 487.4

31st March 1965 … … … National Coal Board … … 415.0^*

31st March 1965 … … … British Overseas Airways Corporation … … 110.0†

31st March 1965 … … … British European Airways … … 25.0

31st December 1968 … … … British Railways Board … … 1,262.1‡

31st December 1968 … … … British Waterways Board … … 15.5

1st January 1970 … … … London Transport Board … … 269.8

1st April 1972 … … … British Steel Corporation … … 350.0§

16th March 1973 … … … Post Office … … 130.6

31st March 1973 … … … National Coal Board … … 449.6||

17th August 1973 … … … Post Office … … 46.8

1st January 1975 … … … British Railways Board … … 188.7

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 ActI1972: against this £131.5 million had been written off by 31st March 1975.
|| Includes £174.6 million in respect of accumulated revenue losses to March 1973.

§ Mr. Stanley
asked the Chancellor of the Exchequer what was the total capital employed of the nationalised industries at the end of the last financial year.

§ Mr. Joel Barnett
The total for all industries and their wholly-owned subsidiaries was £18,268 million, made up of the amounts shown in the balance sheets forming part of the annual reports and accounts of the industries for 1974–75

PUBLIC DIVIDEND CAPITAL HELD AT 31ST MARCH

£million

1966 1967 1968 1969 1970

British Steel Corporation … — — — — 700.0

British Overseas Airways Corporation … 35.0 35.0 50.0 50.0 65.0

British Airways Board … — — — — —

£million

1971 1972 1973 1974 1975

British Steel Corporation … 700.0 500.0 500.0 500.0 545.0

British Overseas Airways Corporation … 65.0 65.0 — — —

British Airways Board … — — 125.0 136.3 216.3

DIVIDENDS PAID ON PUBLIC DIVIDEND CAPITAL HELD AT 31ST MARCH

£million

1966 1967 1968 1969 1970

British Steel Corporation … — — — — —

British Overseas Airways Corporation … 3.5 5.25 10.0 12.5 13.0

British Airways Board … — — — — —

£million

1971 1972 1973 1974 1975

British Steel Corporation … — — — 23.8^* 10.9^*

British Overseas Airways Corporation … 4.9 3.3 — — —

British Airways Board … — — 6.3 9.2^* —

^* Inclusive of advance corporation tax.

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showing in each year since 1945 the amounts of capital debt and revenue deficits of the nationalised industries that have been written off.

§ Mr. Joel Barnett
Following is the information:
or, in the case of the surface transport industries, 1974.

§ Mr. Stanley
asked the Chancellor of the Exchequer if he will publish a table showing the public dividend capital, and the amount of dividend paid, of each nationalised industry in each year since 1945.

§ Mr. Joel Barnett
The information requested is in the table below:
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§ Mr. Stanley
asked the Chancellor of the Exchequer what waivers of interest payments, and in which years, other than by debt write-offs, have been granted to nationalised industries since 1945.

§ Mr. Joel Barnett
None.

Nationalised Industries: Aggregate Surplus/Deficits (£ million)
1945–46	−5.4
1946–47	−10.5
1947–48	−34.0
1948–49	−7.2
1949–50	−13.6
1950–51	−1.1
1951–52	11.5
1952–53	23.1
1953–54	18.5
1954–55	6.4
1955–56	−35.9
1956–57	−24.5
1957–58	−51.8
1958–59	−78.2
1959–60	−71.8
1960–61	−103.8
1961–62	−142.7
1962–63	−92.6
1963–64	−17.2
1964–65	5.8
1965–66	3.6
1966–67	−35.2
1967–68	−71.6
1968–69	8.7
1969–70	134.7
1970–71	−42.6^*
1971–72	−212.5^*
1972–73	−138.1^*
1973–74	10.6^*
1974–75	−129.1
^* Compensation for price restraint in this period has been apportioned to the year in respect of which it was paid in the case of the Post Office and the Scottish electricity boards. But in the case of the electricity industry (England and Wales) and the gas industry it is not possible to make such an apportionment from the accounts. The effect is to overstate the overall deficit position of the

NATIONALISED INDUSTRIES
Capital Debt and Revenue Deficits Written-off	£ million
31st December 1962	…	…	…	British Transport Commission	…	…	487.4
31st March 1965	…	…	…	National Coal Board	…	…	415.0^*
31st March 1965	…	…	…	British Overseas Airways Corporation	…	…	110.0†
31st March 1965	…	…	…	British European Airways	…	…	25.0
31st December 1968	…	…	…	British Railways Board	…	…	1,262.1‡
31st December 1968	…	…	…	British Waterways Board	…	…	15.5
1st January 1970	…	…	…	London Transport Board	…	…	269.8
1st April 1972	…	…	…	British Steel Corporation	…	…	350.0§
16th March 1973	…	…	…	Post Office	…	…	130.6
31st March 1973	…	…	…	National Coal Board	…	…	449.6\|\|
17th August 1973	…	…	…	Post Office	…	…	46.8
1st January 1975	…	…	…	British Railways Board	…	…	188.7

PUBLIC DIVIDEND CAPITAL HELD AT 31ST MARCH
£million
	1966	1967	1968	1969	1970
British Steel Corporation	…	—	—	—	—	700.0
British Overseas Airways Corporation	…	35.0	35.0	50.0	50.0	65.0
British Airways Board	…	—	—	—	—	—
£million
	1971	1972	1973	1974	1975
British Steel Corporation	…	700.0	500.0	500.0	500.0	545.0
British Overseas Airways Corporation	…	65.0	65.0	—	—	—
British Airways Board	…	—	—	125.0	136.3	216.3

DIVIDENDS PAID ON PUBLIC DIVIDEND CAPITAL HELD AT 31ST MARCH
£million
	1966	1967	1968	1969	1970
British Steel Corporation	…	—	—	—	—	—
British Overseas Airways Corporation	…	3.5	5.25	10.0	12.5	13.0
British Airways Board	…	—	—	—	—	—
£million
	1971	1972	1973	1974	1975
British Steel Corporation	…	—	—	—	23.8^*	10.9^*
British Overseas Airways Corporation	…	4.9	3.3	—	—	—
British Airways Board	…	—	—	6.3	9.2^*	—
^* Inclusive of advance corporation tax.