§ Mr. Skeetasked the Secretary of State for Industry what is the revised cost of the British Steel Corporation £3,000 million 10-year development programme as a result of recent inflationary trends (Command Paper No. 5226).
§ Mr. MeacherThe British Steel Corporation's £3,000 million programme was costed at March 1972 prices. Up to September 1974 the corporation had undertaken capital expenditure worth some £360 million, at outturn prices, since publication of its development strategy in February 1973. It estimates that if the remainder of its original programme were now recosted at September 1974 prices to take account of inflation the effect might be to raise the total cost to £4,030 million. The content of the programme of course is being continually updated. Any real extra cost to the BSC will be incurred only if increased money costs of planned capital investment exceed the rise in money revenues consequent upon inflation.