§ Mr. Alan Williams
asked the Secretary of State for Trade and Industry what percentage the selective financial assistance quoted for Nissan represents of the cost of phase II; and what percentage of phase II and what gross sum is represented by the combined regional development grant and the selective financial assistance if the project is (a) in a development area and (b) in a special development area.
§ Mr. Butcher
The Heads of Agreement signed on 1 February between the Department and Nissan, which is available in the Library of the House, states at paragraph 11 that selective financial assistance will be made available at a rate of 11.72 per cent. of the agreed eligible capital costs of phase II, up to a maximum of £35 million. Taking the estimated capital costs of phase II of some £300 million, and regional development grant at 15 per cent., or 22 per cent. of eligible capital costs respectively, the combined figures for phase II are therefore(a) in a development area, up to 26.72 per cent. or some £80 million, depending on eligibility; (b) in a special development area, up to 33.72 per cent. or some £101 million, depending on eligibility.