HC Deb 29 January 1992 vol 202 cc583-4W
Mr. Page

To ask the Secretary of State for Trade and Industry if he will give in respect of each privatisation since 1979(a) the loss or profit of each company in the five years prior to privatisation and (b) any grants or loans made over the same period.

Mr. Redwood

The figures for the major privatisations undertaken by my Department are as follows:

Rolls-Royce
£ million
1982 1983 1984 1985 1986
Profit/(loss) (93) (115) 26 81 120
Launch aid (net of receipts) 41.0 64.8 8.2 6.6 7.1
Other grants (including offers) 1·2 8.4 0.2 0 1.3
BT
£ million
1980 1981 1982 1983 1984
Profit 317 570 936 1,031 990
HMG loans 2,196 2,949 3,057 2,944 2,790
ERDF payments 0 0 4.0 20.2 15.2
Cable and Wireless
£ million
1979 1980 1981 1982 1983
Profit (No grants or loans during the period) 59.5 61.0 62.0 89.2 156.7
British Steel
£ million
1984 1985 1986 1987 1988
Profit/(loss) (229) (378) 42 177 419
Grants/subsidies 425 701 565 0 0
Jaguar
£ million
1980 1981 1982 1983 1984
Profit/(loss) (No grants or loans during the period) (47.3) (31.7) 9.6 50.0 91.5
Rover
£ million
1984 1985 1986 1987 1988
Profit/(loss) (No grants or loans during the period) (73.3) (125.3) (455.0) (9.3) 985.6
British Aerospace
£ million
1981 1982 1983 1984 1985
Profit 71 85 82 120 150
Grants/loans 0.29 40.0 2.9 1.28 1.19
Launch aid (net payments/(receipts)) (0.4) (0.4) (0.4) (0.4) 46.1

ECGD Insurance Services Group ("ISG")

Prior to privatisation, no separate audited financial statements were prepared for ISG, although some financial details of the ISG business are contained in ECGD's annual trading accounts, copies of which are held in the Libraries of the House.

For the purposes of inviting tenders for ISG, illustrative pro forma financial information concerning the business was compiled by ECGD's accountancy advisers on the sale. Copies of this information were provided to the Library of the House in April and May 1991.

ECGD did not receive grants or loans during the period 1986 to 1991.