HC Deb 23 December 1982 vol 34 cc654-5W
Mr. Higgins

asked the Chancellor of the Exchequer if he will make a statement about revised external financing limits for the nationalised industries for 1982–83 and 1983–84 following the reductions in national insurance surcharge announced in his autumn statement on 8 November.

Mr. Brittan

Revised external financing limits for nationalised industries in 1982–83 and 1983–84 are set out in the following table. The adjustments offset the additions to industries' internal resources which arise from the reduction in national insurance surcharge. No industry will be worse off than previously and their plans should be unchanged.

£ million cash
1982–83* 1983–84*
EFL EFL
National Coal Board† 962 1,111
Electricity (England and Wales) -248 -312
North of Scotland Hydro-Electric Board 9 7
South of Scotland Electricity Board 211 283
British Gas Corporation -87 -8
British National Oil Corporation‡ -1
British Steel Corporation║ 362 195
British Telecom 310 96
Post Office¶ -56 -43
National Girobank 0
British Airways Board -9½ 5
British Airports Authority 46½ 33
British Railways Board 923 960
British Transport Docks Board● -7½
British Waterways Board 39 41½
National Bus Company 68 66½
Scottish Transport Group 20 19
British Shipbuilders▀ 122 150
* All EFLs have been rounded to the nearest £½ million.
† The NIS adjustment of £9 million for NCB is offset by other factors leaving an unchanged EFL for 1982–83.
‡ BNOC's former exploration and production activities were transferred to the private sector in November 1982: the 1983–84 figure which is not expressed as a limit, applies to the Corporation's remaining activities in oil trading.
║ BSC's financing needs for 1982–83 and 1983–84 are currently under review. Revised figures will be announced when their new Plan is completed.
¶ The PO EFL reflects adjustments arising from accelerated repayments of the debt due to the Government following the change in public postal methods.
● No 1983–84 EFL is given for BTDB on account of its impending transfer to the private sector.
▀ The BS 1983–84 EFL is provisional pending decisions on the industry's corporate plan. A NIS adjustment of £2 million will be taken into account when the EFL is finally set.

I am also able to announce EFLs for certain other bodies. These are as follows:

£ million cash
1982–83 1983–84
EFL EFL
Civil Aviation Authority* 30.5 21.4
Water Authorities (England and Wales) 412.3 364.5
Urban Development Corporations 63.8 67.3
* The revised CAA EFL for 1983–84 includes a grant of £4.9 million from the Scottish Development Department which was not included in the EFL announced in the Autumn Statement on 8 November.