HC Deb 20 June 1980 vol 986 c681W
Mr. Michael Brown

asked the Secretary of State for Industry what arrangements he is making to cover the cash limit and public expenditure implications of the payment due on 1 July to Lazard Frères in connection with the appointment of Mr. Ian MacGregor as chairman of the British Steel Corporation.

Mr. Adam Butler

Subject to parliamentary approval of the Supplementary Estimate, the cash limit for Class IV Vote 24 will be increased by £675,000 to £41,693,000. Payment on 1 July 1980 will be met by an advance from the Contingencies Fund. There will be no additional public expenditure, because an increase in the Department's central and miscellaneous services sub-programme to cover the compensation payment will be offset by a corresponding reduction in the sub-programme for future industrial support.

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