HC Deb 10 March 1975 vol 888 cc53-4W
26. Mr. Gow

asked the Secretary of State for Industry how much financial assistance he has provided, with the consent of the Treasury, under Section 8 of the Industry Act 1972, during the current financial year; and if he will publish full details of such assistance.

Mr. Meacher

Payments made in the current financial year up to 31st January amounted to £4.809 million. This total is made up as follows:

Purchase of holding in KTM Machine Tools (Holdings) Limited, £2.975 million (net).

105 payments made under the Wool Textile Industry Scheme, £1.834 million.

Subsequently assistance, within the offer of £4.95 million previously announced, has been made available to the Meriden Co-operative on proof of need. An initial advance was made on 6th March but it is not the normal practice to disclose the instalments by which selective assistance is paid to individual companies.

Under the Wool Textile Industry Scheme offers of assistance amounting to over £3.8 million have been made but payment has not yet taken place.

Guarantees have been given to Alfred Herbert Limited and Scientific and Medical Instruments Limited. The level of guarantee currently stands at £3 million and £1.25 million respectively.

In addition the House approved on 18th December 1974 that assistance of up to £50 million in the form of a guarantee may be provided to BLMC and. on 5th March, a guarantee of up to £8 million to enable NVT to obtain additional export credit cover.

Mr. Warren

asked the Secretary of State for Industry if he will set out in the Official Report the total amount money made available by his Department in the year ended 28th February 1975 for the sponsorship of British industry, the industries to which this money was made available and the amount of this money which was by way of loans.

Mr. Bean:

Figures for February 1975 are not yet available, but expenditure by my Department on support to industry in the 11 months to 31st January 1975 totalled £503 million in net terms. Within this figure loans totalled £39 million and loan repayments £32 million. I regret that a breakdown of the totals by industry is not available.