§ Sir Philip Goodhartasked the Secretary of State for Transport whether he will adjust British Rail's public service obligation grant cash limit for 1984 to take account of the change of the board's annual accounting period from a calendar to fiscal year.
§ Mr. RidleyYes. The PSO grant cash limit normally covers a 12-month period. But British Rail is changing its annual accounting period from a calendar to a fiscal year basis with effect from 1 April 1985. I have decided, therefore, to extend the PSO grant cash limit for 1984 to cover the 15 months period from 1 January 1984 to 31 March 1985. The new limit for that 15 month period will be £1,088 million. This continues to reflect British Rail's progress towards achieving the 1986 grant target.