§ Mr. Pavittasked the Secretary of State for Trade and Industry if he will state the amounts made available to the Rotax group of companies by the Industrial Reorganisation Corporation and the conditions under which the money was given; if any intimation was given by Rotax of intention to close factories; and if he will make a statement.
§ Mr. RidleyThe Industrial Reorganisation Corporation made a loan of £3 million to Joseph Lucas Industries Limited in November, 1969, repayable on 14th November, 1971, or at Lucas's option on 14th November, 1973. The loan is unsecured and carries interest at a rate of 10¾ per cent. per annum. At that time, the company intended to continue to operate at its various sites.