§ Sir Fergus Montgomery
To ask the Secretary of State for Transport if he will now announce the 1992–93 supplementry credit approvals for public airport companies and local authority airports.
§ Mr. McLoughlin
Supplementary credit approvals totalling £72 million will be available for public airport companies and local authority airports for 1992–93. These credit approvals, together with other resources which public airport companies expect at this stage to invest, will assist the airports concerned to provide facilities which they estimate could cost some £122 million in 1992–93.
As announced today by my noble Friend in another place, we have agreed to supplementary credit approvals totalling £59 million at this stage. The major projects concerned include the continuation of work on phase 1 of terminal 2 at Manchester airport and joint venture projects with the private sector at Birmingham airport. Formal supplementary credit approvals for these and other projects will be issued to the local authorities shortly.
The £72 million total of credit approvals for 1992–93, following the £87 million for 1991–92, represents a substantial commitment to the development of regional airports. But, as I indicated in my answer to my hon. friend in connection with the 1991–92 settlement—Official Report 19 December 1990, column 169—investment allocations will reduce in scale as phase 1 of terminal 2 at Manchester airport is completed and as the pressure on public sector spending continues. Local authority airports will have to look increasingly to the private sector to share in the successes and the risks associated with continued expansion.