§ Mr. Merchantasked the Secretary of State for Trade and Industry how much Government financial assistance has been given to the steel industry in the north-east of England in the last 10 years to offset working losses.
§ Mr. Norman LamontNo financial assistance has been given to the private sector steel industry in the northeast of England for the purpose of offsetting working losses. The finance provided to BSC goes towards the general needs of the corporation and is not allocated to specific purposes and areas. I am asking BSC to supply information about trading losses in recent years in the north-east and I shall write to my hon. Friend.
§ Mr. Merchantasked the Secretary of State for Trade and Industry how much Government financial assistance 271W has been given to the shipbuilding industry in the north-east of England in the last 10 years to offset working losses.
§ Mr. Norman LamontThe principal component of Government financial assistance to the shipbuilding industry in the north-east over the last 10 years has been support since nationalisation for British Shipbuilders (BS). Such support is not allocated to specific areas of specific categories of cost. But in considering the external finance requirements of the industry, forecast cash flow which takes account of losses is an important factor. The published accounts of BS merchant shipbuilding subsidiaries in the north-east, recorded total trading losses in the period 1978–79 to 1983–84 of about £170 million, including future loss provisions and after crediting payments of intervention fund.