§ Dr. McDonaldasked the Secretary of State for Industry what percentage of the £2¼ billion Government subsidy to the British Steel Corporation was spent on wages and salaries of steel workers over the past five years; and what percentage of the subsidy was spent on the capital investment programme.
§ Mr. Michael MarshallBSC does not receive any specific subsidies, nor is it the Government's intention to subsidise the corporation. Government finance provided to BSC over the five years to 31 March 1979 amounted to £3,729 million. This was not allocated to specific headings. Of the total expenditure of about £18,000 million by BSC during these five years, most of which was of course covered by revenue, 12 percent. was for fixed assets and 27 per cent. for employment costs.
§ Mr. Richard Shepherdasked the Secretary of State for Industry if he will publish a table showing the subsidies given to the British Steel Corporation over each of the past five years expressed as an annual sum per person employed by the corporation.
§ Mr. Michael Marshall[pursuant to his reply, 16 January 1980]; BSC does not receive any specific subsidies, nor is it the Government's intention to subsidise the corporation. That is why BSC must quickly return to profitability and provide a return on the public money that has gone towards financing its investments and operations.
The following table illustrates the extent of this finance: