§ Mr. Jim Spicerasked the Secretary of State for Transport how much public dividend capital has been allocated to British Airways for each year since its formation; and what dividends have been paid in each year by British Airways to Her Majesty's Government in respect of public dividend capital.
§ Mr. Michael SpicerThe information is as follows:
Average public dividend capital during year Gross dividend £ million £ million 1972–73 83.6 6.25 1973–74 132.8 8.7 1974–75 159.8 — 1975–76 240.2 — 1976–77 281.0 16.7 1977–78 290.4 — 1978–79 309.1 24.2 + *21.4 1979–80 155.4 10.0 1980–81 166.7 — 1981–82 179.7 — 1982–83 180.0 — 1983–84† 180.0 — * In 1979, Concorde assets were written down by £135.8 million and a special dividend of £24.2 million (including advance corporation tax) was paid to the Government to take account of reductions in the dividend payment in earlier years. The corresponding amount of public dividend capital amounting to £160 million was cancelled. † The rights, liabilities and obligations of the British Airways Board were vested in British Airways plc on 1 April 1984. The public dividend capital of £180 million held by the board was replaced by share capital of £180 million in British Airways plc held by the Secretary of State for Transport.