§ Mr. Peter Lloydasked the Chancellor of the Exchequer if he will make a statement about revised external financing limits for the nationalised industries for 1982–83 following his announcement in the Budget speech that these would be reduced to take account of the cut in the national insurance surcharge.
§ Mr. BrittanThe revised external financing limits for the nationalised industries in 1982–83 are set out in the following table. The amendments include certain changes in addition to those consequent upon the national insurance surcharge reduction. These include reductions in the external financing limits for British Rail, as already announced by my right hon. Friend the Secretary of State for Transport on 4 March, to take account of an overrun in 1981–82 now expected to be £40 million following recent industrial action by ASLEF; for the National Coal Board to take account of delayed sales from 1981–82; and for the Scottish electricity boards following the closure of the Invergordon aluminium smelter. The adjustment for British Airways also reflects lower repayment requirements in respect of the special severance facility granted in 1981–82.
Industry 1982–83 External Financing Limit £ million National Coal Board 962 Electricity (England and Wales) -243 North of Scotland Hydro-Electric Board 9 South of Scotland Electricity Board 211 British Gas Corporation -83 British National Oil Corporation -85* British Steel Corporation 350† British Telecom 320 Post Office and Girobank -38 British Airways Board -8 British Airports Authority 47 British Railways Board 897 British Transport Docks Board -7 British Waterways Board 39 National Bus Company 69 Scottish Transport Group 20 British Shipbuilders 123 * The British National Oil Corporation figure is an external financing requirement, and does not represent a formal limit. † The £350 million figure published at the time of the Budget is still provisional and subject to review in the light of final decisions on the industry's Corporate Plan. The effect of the NIS reduction should be to reduce the industry's external financing needs by £7 million. This will be taken into account when the final EL is set. I am also able to announce external financing limits for certain other public corporations not regarded as nationalised industries for public expenditure planning purposes. These are as follows:
Public Corporation 1982–83 External Financing Limit (£ million) Water Authorities (England and Wales) 414.5 Urban Development Corporations 63.8 Civil Aviation Authority 30.9