§ Mr. Gryllsasked the Secretary of State for Industry what is the total accumulated revenue deficit of the British Steel Corporation since its formation in 1967.
§ Mr. Michael MarshallThe British Steel Corporation's accumulated revenue deficit on the balance sheet at 31 March 1979 was £1,065.6 million. The corporation lost a further £145.6 million in the first six months of the current financial year and the loss for the second half year is expected to be higher than in the first half.
§ Mr. Gryllsasked the Secretary of State for Industry what is the total public dividend capital in the British Steel Corporation: in which years a dividend was paid to the Exchequer; and what percentage dividend was paid in those years.
§ Mr. Michael MarshallA total of £1.824 million public dividend capital—PDC—appeared on BSC's balance sheet at 1 April 1978. Since that date all BSC's long term financial requirements have been met by subscriptions of capital under section 18(1) of the Iron and Steel Act 1975, which is not required to be remunerated by dividends until after a capital reconstruction. £1,505 million of this new capital has been provided to BSC to date.
The corporation paid dividends only on PDC for the 1973–74 and 1974–75 financial years. These dividends amounted to 3.18 per cent. (£15.9 million) and 1.3 per cent. (£7.1 million) of the PDC on BSC's balance sheets at the end of the respective financial years.