Nationalised Industries (Loans) (Hansard, 25 March 1969)

§ Mr. Kenneth Baker
asked the Chancellor of the Exchequer if he will list all loans raised by the nationalised industries since 1948, excluding those from the Treasury, showing the date, source and terms of the loans.

§ Mr. Diamond
I would refer the hon. Member to the published accounts of the nationalised industries, to the National Loans Fund White Paper (Cmnd. 3565) and to the reply being given today to the hon. Member for Louth (Sir C. Osborne).

§ Sir C. Osborne
asked the Chancellor of the Exchequer if he will give in column form the total borrowings of each nationalised industry annually since nationalisation; and how much each industry has written off in losses, respectively.

§ Mr. Diamond
With permission, I will circulate in the OFFICIAL REPORT the information which is readily available.
Following is the information:
257W

Year ended March: 1962 1963 1964 1965 1966 1967 1968 1969 (Est.)

N.C.B. (a) … … 9 — −27 38 30 38 82 20

Electricity Council (E. and W.) … … 191 192 250 317 295 397 336 164

N.S.H.—E.B. … … 10 12 16 15 12 21 3 5

S.S.E.B. … … 27 27 36 28 26 21 40 34

Gas Council … … 13 21 69 50 61 164 262 206

B.O.A.C. … … 11 11 4 5 −3 −3 −3 −3

B.E.A.C. … … 22 4 1 2 5 6 18 30

British Airports Authority … … — — — — — — 2 3

British Railways … … — — — 20 30 10 5 —

London Transport Board … … — — 7 13 18 19 18 21

B.T.D.B. … … — — — — 1 4 11 8

British Waterways Board … … — — — 1 — — — 1

Transport Holding Company … … — — — — 10 — 54 14

British Transport Commission … … 125 64 — — — — — —

British Steel Corporation … … — — — — — — 175(e) −6

Notes:

(a) The National Coal Board's financial year ran from January until December from 1947 to 1962. Since then it has run from April to March (although it still varies slightly from the Government financial year). 1963–64 covered 15 months from January, 1963 to March, 1964.

British Electricity Authority until March, 1955; Central Electricity Authority from April, 1955 to December, 1957; Electricity Council (England and Wales) from January, 1958.

(c)Covers the period from 30th July, 1948 to 31st March, 1950.

(d) Before 31st March, 1956 only the National Coal Board was financed from Government advances. In the case of other nationalised industries, borrowing was by means of stock issues. The figures given for stock issues exclude compensation stock. Borrowing shown after 31st March, 1956 was from the Government in all cases.

(e) Covers the period 28th July, 1967 to 31st March, 1968.

DEBT WRITTEN OFF BY THE NATIONALISED INDUSTRIES

Capital debt and revenue deficits written off are as follows:—

£ million

British Transport Commission debt at 31st December, 1962 (Transport Act, 1962) … … 487.4

N.C.B. debt at 31st March, 1965 (Coal Industry Act, 1965) … … 415.0^*

B.O.A.C. debt at 31st March, 1965 (Air Corporations Act 1966) … … 110.0†

British Railways Board debt at 31st December, 1968 (Transport Act, 1968) … … 1,262.1‡

British Waterways Board debt at 31st December, 1968 (Transport Act, 1968) … … 15.5

Notes:

^* Including £116 million in respect of revenue losses.

† Including £30 million reconstituted as a reserve, of which £15 million has since been recapitalised.

‡ Including £705 million debt suspended under the Transport Act, 1962 and finally written off under the Transport Act, 1968.

Year ended March:	1962	1963	1964	1965	1966	1967	1968	1969 (Est.)
N.C.B. (a)	…	…	9	—	−27	38	30	38	82	20
Electricity Council (E. and W.)	…	…	191	192	250	317	295	397	336	164
N.S.H.—E.B.	…	…	10	12	16	15	12	21	3	5
S.S.E.B.	…	…	27	27	36	28	26	21	40	34
Gas Council	…	…	13	21	69	50	61	164	262	206
B.O.A.C.	…	…	11	11	4	5	−3	−3	−3	−3
B.E.A.C.	…	…	22	4	1	2	5	6	18	30
British Airports Authority	…	…	—	—	—	—	—	—	2	3
British Railways	…	…	—	—	—	20	30	10	5	—
London Transport Board	…	…	—	—	7	13	18	19	18	21
B.T.D.B.	…	…	—	—	—	—	1	4	11	8
British Waterways Board	…	…	—	—	—	1	—	—	—	1
Transport Holding Company	…	…	—	—	—	—	10	—	54	14
British Transport Commission	…	…	125	64	—	—	—	—	—	—
British Steel Corporation	…	…	—	—	—	—	—	—	175(e)	−6
Notes:
(a) The National Coal Board's financial year ran from January until December from 1947 to 1962. Since then it has run from April to March (although it still varies slightly from the Government financial year). 1963–64 covered 15 months from January, 1963 to March, 1964.
British Electricity Authority until March, 1955; Central Electricity Authority from April, 1955 to December, 1957; Electricity Council (England and Wales) from January, 1958.
(c)Covers the period from 30th July, 1948 to 31st March, 1950.
(d) Before 31st March, 1956 only the National Coal Board was financed from Government advances. In the case of other nationalised industries, borrowing was by means of stock issues. The figures given for stock issues exclude compensation stock. Borrowing shown after 31st March, 1956 was from the Government in all cases.
(e) Covers the period 28th July, 1967 to 31st March, 1968.

DEBT WRITTEN OFF BY THE NATIONALISED INDUSTRIES
Capital debt and revenue deficits written off are as follows:—
			£ million
British Transport Commission debt at 31st December, 1962 (Transport Act, 1962)	…	…	487.4
N.C.B. debt at 31st March, 1965 (Coal Industry Act, 1965)	…	…	415.0^*
B.O.A.C. debt at 31st March, 1965 (Air Corporations Act 1966)	…	…	110.0†
British Railways Board debt at 31st December, 1968 (Transport Act, 1968)	…	…	1,262.1‡
British Waterways Board debt at 31st December, 1968 (Transport Act, 1968)	…	…	15.5
Notes:
^* Including £116 million in respect of revenue losses.
† Including £30 million reconstituted as a reserve, of which £15 million has since been recapitalised.
‡ Including £705 million debt suspended under the Transport Act, 1962 and finally written off under the Transport Act, 1968.