HC Deb 21 November 1985 vol 87 cc264-5W
Mr. Moynihan

asked the Secretary of State for Northern Ireland if he will make a statement about funding to Short Brothers plc for the year ending 31 March 1986.]

Mr. Tom King

Following consideration of Shorts' 1984 corporate plan update, the Government have authorised an external funding limit of £16 million covering the period 1 April 1985 to 31 March 1986. As their contribution to this funding the Government have agreed to provide up to £6.44 million largely by means of payment under a repayable launch-aid contract and normal grants in respect of product development undertaken by the company. The balance of the £16 million will be raised by the company through commercial borrowings. The agreed funding level will enable Shorts to continue development of the three parts of its business—aircraft, aerostructures and guided missiles.