§ Mr. David ShawTo ask the Secretary of State for Transport when he expects to receive the National Bus Company's accounts; and if he will make a statement.
§ Mr. ChannonThe NBC's report and accounts for 1987–88, published today, show that at 31 March 1988, the estimated gross proceeds from the disposal programme are £323 million, an increase of £17 million over the estimate given in the accounts for 1986–87. After allowing for the repayment of all the NBC's debt, taxation, redundancy costs, and the costs of the disposal programme, there should be a net surplus to the Government of at least £89 million.
This is an excellent outcome to the NBC's privatisation programme which involved the sale of 72 subsidiaries (over half of which were sold to their own managment) embodying some 14,000 buses and coaches and 48,000 employees. The completion of the NBC's disposal programme, well within the statutory deadline, has played an essential role in the successful introduction of competition in the bus industry and I pay tribute to all those involved. A copy of the accounts has been deposited in the Library of the House.