§ Mr. Stanleyasked the Chancellor of the Exchequer what rate of return in each of the last five financial years has been represented by interest payments by the nationalised industries on their public debt liabilities.
§ Mr. Joel BarnettThe average rate of interest paid by the nationalised industries as a whole in each of the last five years on amounts due to the National Loans Fund was as follows:
1969–70 1970–71 1971–72 1972–73 1973–74 per cent. per cent. per cent. per cent. per cent. 6.0 6.6 6.7 7.1 7.5 In accordance with the provisions of Section 5 of the National Loans Act 1968 506W commitments on public expenditure announced by his predecessor, the right hon. Member for Altrincham and Sale, (Mr. Barber) in his statement of 17th December 1973, and if he will publish a corrected version of the table on public expenditure appearing in columns 977 and 978 of the OFFICIAL REPORT for 17th December 1973.
§ Mr. Joel BarnettMy right hon. Friend made provision for a net addition of£675 million to public expenditure for 1974–75 in his Budget. Subsequent changes have been announced as follows:
the rates of interest on advances to the nationalised industries from the NLF are at least as high as the rates at which the Treasury is able to borrow money on comparable terms, plus the expenses of such borrowing.
§ Mr. Stanleyasked the Chancellor of the Exchequer what repayments of Consolidated Fund and National Loans Fund loans have been made by the nationalised industries in each of the last five financial years.
§ Mr. Joel BarnettFollowing is the information:
£ million 1969–70 … … … 327.5 1970–71 … … … 439.8 1971–72 … … … 419.5 1972–73 … … … 481.6 1973–74 … … … 511.4 (Provisional) The figures exclude repayments by the National Coal Board to the NLF of short-term advances to meet the board's day-to-day working capital requirements.
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§ Mr. Stanleyasked the Chancellor of the Exchequer what repayments of public dividend capital have been made by the nationalised industries in each of the last five financial years.
§ Mr. Joel BarnettNone.
§ Mr. Stanleyasked the Chancellor of the Exchequer whether the increases in the public dividend capital of the nationalised industries of£723.0 million in 1969–70,£4.0 million in 1970–71,£125.0 million in 1972–73 and£11.4 million in 1973–74 were represented by cash payments from the Exchequer to the nationalised industries concerned in each of the above years.
§ Mr. Joel BarnettAll payments of public dividend capital in this period were made from the Consolidated Fund except in 1969–70 when, as part of capital reconstructions,£700 million was paid to the British Steel Corporation and£15 million to the British Overseas Airways Corporation. The increase in holdings in 1972–73 was£60 million, not£125 million.
§ Mr. Stanleyasked the Chancellor of the Exchequer what rate of return in each of the last five financial years has been represented by dividends received from the nationalised industries on public dividend capital.
§ Mr. Joel BarnettThe British Airways Board has not yet made a proposal in respect of its dividend for 1973–74. The rate of return in the preceding four financial years represented by dividends received from the British Overseas Airways Corporation—up to 1971–72—and the British Airways Board was as follows:
per cent. 1969–70 … … … 20 1970–71 … … … 7.5 1971–72 … … … 5 1972–73 … … … 5* * inclusive of Advance Corporation Tax The British Steel Corporation has not paid a dividend since it first received public dividend capital in 1969–70. The corporation has not yet made a proposal in respect of the dividend for 1973–74. In addition, the Industrial Reorganisation Corporation paid dividends for 1969–70 and 1970–71 representing a rate of return of 2.1 per cent. and 1.2 pet cent. respectively.
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§ Mr. Cormackasked the Chancellor of the Exchequer how much assistance has been provided from the Exchequer to each of the nationalised industries since their respective vesting dates.
§ Mr. Joel BarnettI will let the hon. Member have a reply as soon as possible.