HC Deb 20 July 1989 vol 157 cc306-7W
Mr. McLeish

To ask the Secretary of State for Scotland if he will estimate the outstanding debt in the industrial and commercial properties and land of each of the five new towns.

Mr. Lang

Outstanding long-term loans payable to the National Loans Fund at 31 March 1989 were:

£000
Cumbernauld 233,362
East Kilbride 117,948
Glenrothes 149,773
Irvine 163,622
Livingston 295,576
Total 960,281

Mr. McLeish

To ask the Secretary of State for Scotland if he will estimate the total income received from industrial and commercial properties and land of each of the five new towns.

Mr. Lang

The total income from non-housing activities received by the five development corporations for the financial year which ended on 31 March 1989 was:

£000
Cumbernauld 2,992
East Kilbride 6,439
Glenrothes 3,745
Irvine 2,656
Livingston 6,729
Total 22,561

Mr. McLeish

To ask the Secretary of State for Scotland if he will estimate the value of the industrial and commercial properties and land in each of the five new towns.

Mr. Lang

The new book values of industrial, commercial properties and land at 31 March 1989 for each of the five development corporations are set out in the following table.

£'000s
Industrial Commercial Land
Cumbernauld 26,005 6,497 14,100
Glenrothes 16,872 12,268 4,580
East Kilbride 40,705 30,245 8,040
Irvine 19,603 6,522 8,084
Livingston 60,633 27,598 347
TOTAL 163,818 83,130 35,151

Mr. McLeish

To ask the Secretary of State for Scotland (1) if he will give an estimate of the amount of debt of industrial and commercial properties and land, in each of the new towns, to be written off as part of the wind-up proposal as agreed to in July 1987;

(2) if, pursuant to paragraph 9.4, page 17, of "Scottish New Towns—The Way Ahead", he will give the estimated value of writing off loans not represented by asset value in each of the five new towns.

Mr. Lang

The amount of debt to be written off will be derived from a calculation of the amount of debt which the corporations' industrial and commercial activities will be able to service and repay until wind-up. The precise amount of debt to be written off has yet to be determined.

Mr. McLeish

To ask the Secretary of State for Scotland if he will take steps to ensure that the industrial and commercial assets in each of the five new towns will be sold at market value as part of the wind up process.

Mr. Lang

Yes, other than in exceptional cases which will be treated strictly on their merits.