§ Mr. FormanTo ask the Secretary of State for Transport when he expects to receive the National Bus Company's final set of accounts; and if he will make a statement.
§ Mr. FreemanThe company's final report and accounts, covering the period from 1 April 1990 to 1 April 1991, have now been prepared and audited in accordance with the provisions of the National Bus Company (Dissolution) Order 1991.
These show that the surplus from the sale of National Bus Company now stands at over £168 million, of which £46 million arose from the sale of the subsidiaries and £122 million from the surplus on the pension funds. In cash terms the Exchequer has received much more. The original capital debt and later long-term loans amounting to some £96 million were repaid together with interest and early redemption penalty of nearly £31 million. Inland Revenue will in total receive £91 million by way of tax on the pension surplus, capital gains and depreciatory transactions. In total this successful privatisation of the National Bus Company has released £386 million to the Exchequer.
A copy of the accounts has been deposited in the Library of the House.