§ 44. Dr. McDonald
asked the Chancellor of the Exchequer if he would state the average increase in dividend distribution above the statutory limitation for which the Treasury gave consent in 1976.
§ Mr. Joel Barnett
The aggregate increase in ordinary dividend distributions above the statutory limit made with Treasury consent in 1976 was £32.7 million or 1.7 per cent. of total ordinary dividends. Consents are given in a variety of circumstances and it is not appropriate to average the increases allowed in individual cases. When new capital is being raised, the amount of increase allowed relates to the yield considered necessary to secure the success of the issue.