§ Mr. Tebbitasked the Secretary of State for Trade what was the rate of return in the last year for which accounts are available on the assets employed in British Airways.
§ Mr. Clinton DavisThe rate of return on the mean net assets of British Airways for 1974–75 is set out on page 4 of the Annual Report and Accounts for that year, a copy of which is available in the Library.
§ Mr. Tebbitasked the Secretary of State for Trade (1) what is the estimated target set for British Airways expressed as a rate of return on assets employed for the current financial year;
(3) whether he has agreed the corporate plan for the financial years ending in 1976, 1977 and 1978 in respect of the activities of British Airways; and, if so, what targets he has set;
(3) what are the latest estimated trading results for the current year for British Airways.
§ Mr. Clinton DavisMy right hon. Friend discussed British Airways corporate plan for the years 1975–76 to 1979–80 with the Board last April. At that time it was projected that the Board's operations would on average break even over the period 1975–76 to 1977–78. I understand that the latest view is that there will be no profit in 1975–76 and therefore no return on the assets employed by the Board.