HC Deb 25 January 1978 vol 942 cc615-6W
Mr. W. E. Garrett

asked the Secretary of State for Industry whether he has made any progress in authorising payments on account of compensation for the nationalisation of the aircraft and shipbuilding industries.

Mr. Kaufman

I have now authorised payments on account of compensation totalling £21.95 million in respect of the unquoted securities of the following companies or groups of companies nationalised:

British Aircraft Corporation (Holdings) Ltd 6,100
Hawker Siddeley Aviation Ltd 3,100
Hawker Siddeley Dynamics Ltd
Scottish Aviation Ltd 500
Austin & Pickersgill Ltd 5,200
Brooke Marine Ltd 350
Cammell Laird Shipbuilders Ltd 150
Hall Russell & Co Ltd 300
Barclay, Curie & Co Ltd 2,350
Clelands Shipbuilding Co Ltd
The Goole Shipbuilding & Repairing Co Ltd
Smith's Dock Co Ltd
Swan Hunter Shipbuilders Ltd
Swan Hunter Training and Safety Co Ltd
Yarrow (Shipbuilders) Ltd 1,400
Yarrow (Training) Ltd
George Clark & NEM Ltd 650
Hawthorn Leslie (Engineers) Ltd 400
John G. Kincaid & Co Ltd 1450

The payments authorised are derived from a preliminary view of the Government's likely negotiating positions on both the base value and any appropriate deductions under Section 39 of the Aircraft and Shipbuilding Industries Act 1977 relative to the companies in question. Since substantive negotiations have not yet begun in respect of any company, the quality of the information available to the Government on the different elements involved varies with the different companies and it cannot be assumed that the final compensation settlement in a given case will bear any particular relationship to the payment on account.

Because certain financial issues are still unresolved, no payments on account have been authorised in respect of the following companies:

  • Scott Lithgow Ltd.
  • Scott Lithgow Drydocks Ltd.
  • Vickers Shipbuilding Group Ltd.
  • Vosper Thornycroft (U.K.) Ltd.
  • Vosper Shiprepairers Ltd.

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