§ Mr. Dodsworthasked the Secretary of State for Energy what Government grants and loans have been made to British Nuclear Fuels Ltd. during each of the past five years; and for what purposes they have been used.
§ Mr. EadieWhen part of the United Kingdom Atomic Energy Authority's trading enterprise was transferred to226W BNFL under the Atomic Energy Act, 1971, the Company assumed liability for £36 million of old Exchequer loans and some £18 million of shares were issued to the UKAEA. Since then the UKAEA has subscribed for a further £15 million in equity, and the company has also been lent £10 million from the National Loans Fund, to help finance its capital investment programme. Over the period the following grants have also been paid:
£million Support for the Centrifuge project Regional Development and Investment Grants Payments to BNFL in respect of costs of compliance with security directives 1972–73 0.6 0.4 1973–74 5.9 1.1 0.4 1974–75 5.3 1.4 0.5 1975–76 12.1 2.2 0.4 1976 (to date) 6.2 3.3 0.3 29.5 8.6 2.0 There is provision in the Centifruge Support Agreement for grants paid under it to be repaid out of the future profits of the project. Regional Development and Investment Grants are, of course, available to the Company under the general rules applying to all industries.
§ Mr. Dodsworthasked the Secretary of State for Energy (1) if the reprocessing contracts referred to in the report of the auditors of British Nuclear Fuels Ltd. have yet been renegotiated; whether he is able to indicate future losses which might arise on these contracts; and if he will make a statement;
(2) if the loss to British Nuclear Fuels Ltd. of £1,062,000 arising out of associated companies has been accounted for; whether those accounts have yet been audited; if so, by whom; and if he will make a statement;
(3) how much was given to what charities by British Nuclear Fuels Ltd. during 1975–76;
(4) if he will list the remuneration paid to each director of British Nuclear Fuels Ltd. in 1975 and that which is expected to be paid in the current year.
§ Mr. EadieThese are matters within the day-to-day management of the company and I have asked the Chairman of 227W BNFL to write to the hon. Member about them.
§ Mr. Dodsworthasked the Secretary of State for Energy if he has any plans to provide further funds for British Nuclear Fuels Ltd.; and if he will make a statement.
§ Mr. BennFinancial support for the centrifuge project will continue into the next financial year, and the company will continue to receive regional development grants for which it is eligible. I have indicated the Government's intention to take powers to guarantee the company's borrowing from the private sector, but the Government had no plans at present to provide additional funds themselves.