Nationalised and State-Aided Industries (Losses and Borrowings)

HC Deb 13 July 1965 vol 716 cc42-3W

41. Mr. William Yates

asked the Chancellor of the Exchequer what is the total combined amount of losses, to the nearest £1 million, which Her Majesty's Government have allowed the nationalised and State-aided industries to write off since October, 1964.

Mr. Diamond

None. The Government are to introduce legislation which will enable B.O.A.C. to write off operating losses as at 31st March, 1965, and to create a reserve against contingencies. This will involve the cancellation of £110 million of the Corporation's borrowings. Legislation will also be introduced cancelling £400 million of the Coal Board's obligations to the Exchequer.