§ Mr. Biffenasked the Minister of Power what is the estimated annual cost to the National Steel Corporation arising from the recent devaluation and proposed accompanying tax changes; and how much of the additional cost is expected to be absorbed by improving productivity and efficiency.
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§ Mr. MarshThe Corporation's preliminary estimate is that the annual cost will be not less than £25 million. This excludes the loss of export rebates which may amount to £5 million a year. The Corporation are undertaking a study in depth to see how far this increase in costs can be absorbed, bearing in mind the advantages they hope to gain from devaluation.