HC Deb 28 November 1974 vol 882 cc251-2W
Mr. Stanley

asked the Secretary of State for Industry what is the extent of his Department's financial obligations to Alfred Herbert Ltd.

Mr. Benn

I am making available, under Section 8 of the Industry Act 1972, a guarantee in respect of some addition to the company's bank overdraft facility while arrangements are worked out to secure its future on a sound basis.

Mr. Stanley

asked the Secretary of State for Industry what is the extent of his Department's financial obligations to IPD (Industrial).

Mr. Gregor Mackenzie

The Government have decided, in principle, to provide a grant of up to £3.9 million under Section 7 of the Industry Act to aid the formation of a workers' co-operative at IPD (Industrial) on the clear understanding that this Government aid would be strictly once and for all.

Mr. Stanley

asked the Secretary of State for Industry what is the extent of his Department's financial obligations to the workers of the Scottish Daily Express.

Mr. Gregor Mackenzie

I made an offer to the Workers' Action Committee in July this year of a loan of 50 per cent. of the cost of establishing theScottish Daily News up to a limit of £1.75 million, subject to certain conditions. The Action Committee is confident it will be able to meet these conditions. Its current estimate of the cost of the project is £2.4 million. The time limit attached to the Government's offer is being extended to 28th February 1975.