HC Deb 31 July 1975 vol 896 cc632-3W
Mr. Urwin

asked the Chancellor of the Exchequer by what amounts Government aid to the British coal and steel industries will be reduced following the announcement of a further allocation of £74 million from the European Community Steel Commission in loans and grants.

Mr. Joel Barnett

Of the total of £74.4 million loans and grants approved by the European Commission on 28th July, loans of £70.6 million are to the British Steel Corporation and the National Coal Board to help finance investment which otherwise they would have had to finance from other sources, including the National Loans Fund. A further £1.5 million loans are to help finance investment by two private sector steel firms. Nearly £2 million is a grant to the National Coal Board to contribute to technical research which otherwise it would have had to finance fully itself. The remaining grants of just over £0.3 million are to help people affected by British Steel Corporation closures and are additional to any grants which may be paid to them by the Government.