§ Mr. Spearingasked the Minister of Agriculture, Fisheries and Food what use he has made of his powers under the Covent Garden Market (Financial Provisions) Act 1977 to restructure the financial liabilities of the Covent Garden Market Authority.
§ Mr. BishopAfter consultation with the Authority and with the approval of the Treasury, my right hon. Friend has appointed 1st April 1977 as the date of writing off £13 million of the Authority's liabilities to the Government and as the date of suspending the major part of its remaining liabilities. The amount of suspended debt has been determined at £23.7 million, apportioned amongst these liabilities. In suspending this amount, we have taken into account estimates of the Authority's remaining expenditure commitments for the provision of the new Covent Garden Market, and we shall keep the position under review as costs are finalised. This capital 259W reconstruction fulfils the Government's contribution to securing the viability of the market, and it is essential that the Authority, with the market tenants and users, should make their contribution through the provision of additional revenues and economies in the running of the market.