HC Deb 03 May 1978 vol 949 cc131-2W
Mr. John Ellis

asked the Secretary of State for Industry, following his statement to the House on 22nd March 1978, what provision has been made for funds to be subscribed to the British Steel Corporation under Section 18(1) of the Iron and Steel Act 1975 in place of public dividends capital and National Loan Fund advances.

Mr. Kaufman

My right hon. Friend's statement explained that the British Steel Corporation's financial requirements, other than short-term, will be met for the time being by subscriptions of new capital under Section 18(1) of the Iron and Steel Act 1975. It would not be appropriate for moneys already voted by Parliament as public dividend capital to be used for this purpose. A supplementary estimate will therefore be submitted and, pending parliamentary consideration of this, the Corporation's essential capital needs will be met by advances from the contingencies fund to be repaid to the fund by voted moneys when available.