HC Deb 22 March 1978 vol 946 cc594-5W
Mr. William Wilson

asked the Secretary of State for Industry what conclusions he has reached on the National Enterprise Board's report on British Leyland's corporate plan.

Mr. Varley

I have received British Leyland's corporate plan, including proposals for strengthening the company's balance sheet by a substantial injection of equity. I have also received the NEB's report, which fully supports the plan. The Government generally endorse the NEB's recommendations, but some of the financial arrangements are still under consideration. I shall be bringing the Government's proposals to Parliament as early as possible in April. The House will have the opportunity to debate these. I shall be making available before this debate a report for the House by the NEB on British Leyland's corporate plan.

Meanwhile, I have authorised the NEB to advance a short-term loan of £275 million to British Leyland to enable the company to repay some temporary borrowings and to continue its capital expenditure programme until Parliament has been able to consider the situation.

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