§ Mr. Stanleyasked the Secretary of State for Industry on what date British Leyland came into public ownership.
§ Mr. KaufmanThe Scheme of Arrangements became effective on 11th August 1975 and the Government acquired 78 per cent. of the equity in British Leyland Ltd. with effect from that date.
§ Mr. Stanleyasked the Secretary of State for Industry (1) what was the number and value of vehicles whose production has been lost in each of the last four periods of six months as a result of industrial disputes within British Leyland;
(2) what was the net profit or loss of British Leyland after interest payments and depreciation but before tax for each of the last eight three-month periods for which figures are available.
§ Mr. KaufmanThese are matters for the management of British Leyland and I will ask the Chief Executive to write to the hon. Member about them.
§ Mr. Stanleyasked the Secretary of State for Industry (1) whether he will list each of the payments from public funds that have been made to British Leyland since February 1974, stating in each case the date of the payment and the legislation under which it was provided;
(2) if he will show out of the total sum paid to British Leyland since February 1974 from public funds what amount was for meeting (a) revenue and (b) capital expenditure.
§ Mr. KaufmanThe main payment which has been made to British Leyland from public funds since February 1974 is the £200 million subscribed, under the British Leyland Act 1975, for shares pursuant to the rights issue, in implementation of the Ryder Report. This payment was made in October 1975.
Other payments, and the purposes for which the funds were made available are:
4th December 1974: £1.5 million loan under Section 7 of the Industry Act 1972 (Assistance 676W for capital investment at the Pengam (Cardiff) plant).
16th December 1974: £4 million loan under Section 7 of the Industry Act 1972 (Assistance for capital investment in the Speke (Liverpool) Development Project).
27th February 1975: £1.5 million loan under Section 7 of the Industry Act 1972 (Assistance for capital investment at the Pengam (Cardiff) plant).
British Leyland has also taken advantage of the various schemes of assistance available under the Industrial Development Act 1966, the Investment and Building Grants Act 1971 and Part I of the Industry Act 1972.