§ Mr. Colvin
To ask the Secretary of State for Transport whether he has set a new financial target for the Civil Aviation Authority.
§ Mr. Channon
With the agreement of the Civil Aviation Authority, a new financial target of an average annual rate of return (current cost operating profit) before taking account of interest, of 8 per cent. on net assets revalued at current cost, has been set for the three-year period 1989–90 to 1991–92. The target applies only to one third of the authority's assets since en-route navigation service charges have, by international agreement, to break even and its subsidiary Highlands and Islands Airports Limited is subsidised by the Scottish Development Department.