§ Mr. Iain Millsasked the Secretary of State for Transport what further financial assistance he proposes to give the Port of London Authority in the current financial year.
§ Mr. FowlerI expect to pay further grants under the Port of London (Financial Assistance) Act 1980 of some £2 million towards the cost of severances of surplus manpower. In view of the uncertainty about the authority's financial prospects, I have decided that it would be appropriate to provide by repayable grants under the Act the immediate assistance, estimated at up to £8 million required towards the cost of carrying on the undertaking while manpower reductions are being made.
Parliamentary approval to the new service is being sought in a supplementary estimate for the transport industries Vote. Pending that approval, the necessary expenditure will be met by repayable advances from the Contingencies Fund. These grants will supersede the overdraft guarantee of which I advised the House on 13 January, and this will accordingly be withdrawn.