§ Mr. D. E. Thomasasked the Chancellor of the Exchequer what quantity of borrowing was undertaken by the Electricity Council in order to redeem British Electricity stock awarded in compensation to former shareholders in the electricity industry; and how much the council has paid to date in interest and principal on this borrowing.
§ Mr. EadieI have been asked to reply.
The Electricity Council's financing requirements beyond the industry's own resources for self-financing arise from the need to finance capital investment and working capital as well as to refinance previous loans. The refinancing of the 3 per cent. Compensation Stock amounting to £340.8 million, which was redeemed on 2nd April 1973, formed part of the overall borrowing requirements. Borrowing is not normally earmarked for specific purposes.