HC Deb 30 July 1982 vol 28 c794W
Mr. Waller

asked the Secretary of State for industry if he will make a statement about the financial target for British Telecom.

Mr. Patrick Jenkin

I have set the corporation a financial target of a real rate of return of 5½ per cent. for each of the two financial years 1982–83 and 1983–84. As with the previous target "real return" is defined as profit before interest payable but charging historic and supplementary depreciation as a percentage of mean net assets revalued to replacement cost. I shall be pursuing with the corporation the question of setting British Telecom a new performance target designed to encourage increased operating efficiency and reduce costs.

Forward to