HC Deb 28 January 1994 vol 236 cc410-1W
Mr. Coe

To ask the President of the Board of Trade what is his Department's policy on the level of shipbuilding intervention funding during 1994.

Mr. Sainsbury

Following a decision of the European Commission, notified to member states on 21 December 1993, I have decided that the United Kingdom's maximum level of support for large ships from 1 January 1994 should continue to be 9 per cent. This is inclusive of shipbuilder's relief at 2 per cent.

I have similarly decided that maximum support for small ships from 1 January 1994 should continue to be 4.5 per cent, inclusive of the shipbuilder's relief of 2 per cent.

These levels are at the maximum permitted by the EC shipbuilding regime. They are subject to review in the light of the outcome of the current OECD negotiations on an agreement on shipbuilding subsidies.