§ Mr. Budgenasked the Chancellor of the Exchequer whether he proposes to implement the intention announced in 1973, Official Report, 30 March 1973, Volume 853, column 425, to introduce legislation to ensure that, when in that or any future Session of Parliament a nationalised industry has its loans from the Government or its public dividend capital written down, its accumulated tax losses should be reduced to the extent that deficits or assets have been written off.
§ Mr. LawsonAfter such a lapse of time, I do not think that it would be right now to legislate retrospectively in respect of any writing down which has already taken place.