§ Mr. Peter Millsasked the Minister of Power (1) what are the problems that have held up the North Devon Pumped Storage Scheme; and if he will make a statement;
(2) what advice and protection he will give the farmers and landowners who have been affected by the decision to delay the necessary Bill concerning the
66WInvestment in new assets has been financed partly from internal resources and partly from new borrowing. The table shows, for the end of the industries' financial years 1965–66, outstanding funded borrowings relating to new capital requirements since nationalisation and outstanding temporary borrowings which were subject to Treasury guarantee in respect of borrowings from the clearing banks.
Total net payments of tax on profits since nationalisation have been nil for electricity, negligible for gas and about £10 million for coal. This position has arisen principally from the operation during this period of the general system of capital allowances.
North Devon Pumped Storage Scheme being brought before Parliament.
§ Dr. BrayI am informed that the Central Electricity Generating Board has not yet been able to resolve certain engineering problems presented by this scheme.
It is appreciated that the delay may cause some concern to those whose property will be affected by the scheme, but I understand that the Board is already negotiating the forward purchase of certain parcels of land, and is ready to consider applications to sell from others who feel they are being placed in difficulty.