§ Mr. Kenneth Clarkeasked the Secretary of State for Industry (1) whether the Government have agreed to waive or defer interest payments of £1,255,911 due to be paid by the Meriden Co-operative on 30 June; and whether he will make a statement;
(2) whether any new arrangements proposed for the waiver or deferral of interest payments due from the Meriden Co-operative would be referred to the industrial development advisory board and would require parliamentary approval;
(3) what action the Government propose to take in the light of the statement of the managing director of the Meriden Co-operative that the company will not be able to pay its debts to the Government in June.
§ Mr. Les HuckfieldThis company has asked my right hon. Friend to waive the payment of the interest due on 30 June 1979, and he is considering its request. My right hon. Friend will take account of the advice of the industrial development advisory board. I am advised that neither a waiver nor a deferment of the payment of this interest would require authorisation of the House under section 8(8) of the Industry Act 1972, but my right hon. Friend will, of course, inform the House of his decision on the company's request.