§ Mr. Hickmet
asked the Secretary of State for Trade and Industry whether he is in a position to announce a revised external financing limit for the British Steel Corporation.
§ Mr. Giles Shaw
BSC's external financing limit was reduced from £146 million to £51 million in July. BSC's performance in the first half of the year has been good, despite the uncertainty affecting some markets, including those elsewhere in Europe. I am glad to say that the corporation's latest forecasts for the rest of the current financial year indicate that a further reduction of £25 million in the EFL, from £51 million to £26 million, is practicable, and this change has now been made.