§ 43 and 64. Mr. Edelmanasked the Secretary of State for Trade and Industry (1) when the National Film Finance Corporation is to receive the sum of money promised by Her Majesty's Government under the Films Act, 1970;
(2) whether the plan for the National Film Finance Corporation to raise money in the City of London, to be matched by a contribution from the Treasury, has now been put into operation, or when the National Film Finance Corporation will begin to operate the scheme.
§ Mr. Anthony Grant:Advances of £7½ million within the total of £11 million authorised by the films legislation have so far been made to the National Film Finance Corporation. In June last year the Government stated that it was their intention to withdraw from the financing of the production of films. They accordingly welcomed the proposal of the corporation to set up a consortium in co-operation with private interests and had agreed to advance loans of up to a maximum of £1 million on condition that the private sector would put up £3 for every El from public funds. The corporation has been able to raise £750,000 from private sources. The Government have now agreed to contribute £1 million to the consortium to support its efforts to achieve financial independence. The Government do not however intend to make any further advances in the future.