§ Mr. Nicholas Wintertonasked the Secretary of State for Industry what is the grand total of subsidies, grants and loans that have been given to the steel industry since it was renationalised ; and what has been the grand total of losses or profits that the steel industry has returned in each year since it was renationalised.
§ Mr. Michael Marshall[pursuant to the reply, 5 June 1980 c. 781–82] : Grants and loans to the British Steel Corporation between 1967 and 31 March 1980 total £4,925 million. The net total loss for BSC since 1967 is £1,552 million. Annual results are as follows :
56W
£m ( ) denotes loss 1967/68 (9) 1968/69 (23) 1969/70 10* 1970/71 (10) 1971/72 (71) 1972/73 3 1973/74 34 1974/75 66 1975/76 (255) 1976/77 (95) 1977/78 (443) 1978/79 (309) 1979/80† (450) * The 1969/70 financial year covers only six months as a result of a change in the accounting period from a September to a March year-end. † The 1980 figure is an estimate subject to end of year adjustments and extraordinary between commercial and naval vessels for each year.
§ Mr. Michael MarshallThe information is as follows :
items covering redundancies, closure costs and write down of fixed assets which will be substantial.