HC Deb 27 January 1972 vol 829 cc517-8W
Mr. J. H. Osborn

asked the Secretary of State for the Environment what proposals he has received from the British Railways Board for bringing forward investment projects to create additional employment; and if he will make a statement.

Mr. Peyton

My right hon. Friend the Chancellor of the Exchequer announced on 23rd November that the Board were bringing forward plans for building two ferries for the Isle of Wight services, and for building new rolling stock for the London commuter services.

Since then I have received further proposals from the Board for bringing forward other investment projects which would create a significant amount of employment in 1972 and 1973. These proposals include more rolling stock, re-signalling schemes, the laying of continuous welded rail and two more ships. The additional expenditure, including those proposals already announced by the Chancellor, would be about £5 million in 1972 and £15 million in 1973. I have told the Board that I am prepared to authorise this acceleration of their investment programme, provided that the schemes meet the normal criteria for investment by nationalised industries.

I propose to reimburse the Board for the additional costs of bringing this work forward, and I am seeking the necessary powers in the Transport (Grants) Bill published today.