§ 20. Mr. Ridley
asked the Secretary of State for Industry what were the results of the Giro in terms of return on capital employed for 1975–76 (a) on the reconstructed capital and (b) on the capital before reconstruction, respectively.
§ Mr. Kaufman
Expressed as a rate of return on its average capital employed after reconstruction, that is public dividend capital, advances from the National Loans Fund and profit, Giro achieved a return of about 7 per cent, on its 1975–76 25W results. The comparable figure, before reconstruction, would have been about 4.5 per cent.