HC Deb 22 October 1973 vol 861 cc385-7W
Mr. Meacher

asked the Chancellor of the Exchequer what have been the interest payments, mainly from compensation, paid to, respectively, the Treasury and to private interests by nationalised industries for each year since 1946.

Mr. Nott,

pursuant to his reply [OFFICIAL REPORT, 19th October 1973; Vol. 861, c. 336], gave the following information:

and salaries. It is thought that a very high proportion of this expenditure relates to purchases from the private sector.

Column (C) shows the total of goods and services purchased by public authorities from all other sectors. If the proportion of purchases from the private sector in (B) were to be 95 per cent. in 1968–69, the proportion for (A) and (B) combined in that year would be just under 90 per cent.

Column (D) represents the contribution to the public sector borrowing requirement of combined public authority borrowing from the United Kingdom private sector. Estimates given for years before 1963 are less firmly based than for subsequent years.

The table below provides estimates of the interest payable by nationalised industries on capital liabilities relating to the non-Government-owned assets vested in them on nationalisation. Separate figures are shown for interest payable on liabilities to central Government, interest on compensation stock issued, and other payments of interest which are chiefly in respect of liabilities to local authorities. Part of the interest on compensation stock issued is thought to be paid to overseas or other holders in the public sector.

INTEREST PAYABLE ON LIABILITIES FOR VESTED ASSETS
To central Government On compensation stock Other
£million £million £million
1946 — — —
1947 14.8 — —
1948 15.1 40.8 6.3
1949 12.7 48.5 7.9
1950 14.0 51.1 7.7
1951 14.0 51.4 6.6
1952 13.2 51.6 5.3
1953 14.1 51.6 5.0
1954 13.5 51.7 4.7
1955 13.8 51.5 4.1
1956 13.1 51.5 3.1
1957 13.0 51.5 2.9
1958 13.0 51.5 2.7
1959 12.7 51.5 2.2
1960 12.5 51.5 1.9
1961 12.4 51.5 1.6
1962 12.3 51.5 1.3
1963 12.0 15.5 1.1
1964 12.0 15.5 0.9
1965 2.9 15.5 0.8
1966 — 15.5 0.6
1967 3.6 15.5 0.5
1968 8.7 15.5 0.5
1969 8.7 15.5 0.3
1970 8.7 15.5 0.3
1971 8.7 15.5 0.2
1972 8.7 15.5 0.2

Note:

The figures cover the following nationalised industries: The National Coal Board (from 1st January 1947 until its capital reconstruction on 31st March 1965); the Gas Council (from 1st May 1949); the British Electricity Authority and its successors (from 1st April 1948); the South of Scotland Electricity Board (from 1st April 1955); the British Transport Commission (from 1st January 1948 until its dissolution on 31st December 1962); the British Steel Corporation (from 28th July 1967).