§ Mr. John Mooreasked the Secretary of State for Industry what have been the declared losses-gains and the capital write-offs of the British Steel Corporation for each year since 1967 and of the Post Office for each year since 1960.
§ Mr. KaufmanThe information on declared losses and gains is given in the table below. £350 million was transferred to BSC reserves under the Iron and Steel Act 1972, by way of capital write-off.
(£m.) British Steel Corporation† Post Office‡ Year* Profit (after taxation) Loss (after taxation) Profit Loss§ 1959–60 … … … — — 20.9 — 1960–61 … … … — — 24.3 — 1961–62 … … … — — 13.6 — 1962–63 … … … — — 12.1 — 1963–64 … … … — — 30.7 — 1964–65 … … … — — 20.1 — 1965–66 … … … — — 40.2 — 1966–67 … … … — — 44.3 — 1967–68 … … … — 19.5 39.3 — 1968–69 … … … — 22.8 44.4 — 1969–70 … … … 12.4 — 36.2 — 1970–71 … … … — 10.4 20.5 — 1971–72 … … … — 68.0 36.1 — 1972–73 … … … 2.8 — — 64.1 1973–74 … … … 50.2 — — 128.1 1974–75 … … … 72.6 — — 306.7 * Accounting periods have varied over the years referred to. † Source: BSC Report and Accounts. ‡ Source: Post Office Report and Accounts. § Compensation for price restraint is excluded from the figures in the table. Compensation of £9.7 million was paid in 1972–73; £123.6 million in 1973–74; and £307 million in 1974–75.