§ 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 595W 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.