§ Mr. BayleyTo ask the Chancellor of the Exchequer (1) if he will estimate the impact on(a) public expenditure and (b) the public sector borrowing requirement of selling outstanding debt to the national loans fund held by (i) the Housing Corporation, (ii) the Civil Aviation Authority, (iii) British Rail, (iv) Scottish Homes and (v) new towns development corporations and commission; [40772]
(2) if he will list and give the face value of outstanding loans to the national loans fund which if sold would have an effect on (a) public expenditure and (b) the public sector borrowing requirement. [40771]
§ Mrs. Angela KnightThe table shows the total value of loans from the national loans fund outstanding on 30 October 1995. NLF loans are not marketable.
If a nationalised industry or other public corporation repays an NLF loan, the effect is to reduce general Government expenditure. There will be a similar effect on the PSBR except in so far as the corporation offsets this by taking out other loans or running down its deposits.
If a private sector body repays an NLF loan, that will reduce general Government expenditure and the PSBR.
If a local authority or central Government body repays a loan to the NLF there is no effect on the general Government expenditure or the PSBR because the transaction is internal to the Government sector.
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Loans from national loans fund: advances outstanding at 30 October 1995 Advances outstanding at 31 October 1995 £ Loans to nationalised industries British Rail 722,916,667 British Waterways Board 17,186,000 Civil Aviation Authority 453,452,971 Scottish Nuclear Ltd. 192,665,347 Rail track 1,247,335,619 Total loans to nationalised industries 2,633,556,604 Loans to other public corporations Crown agents 1,924,650 Development Board for Rural Wales 8,445,937 Land Authority for Wales 3,227,500
Loans from national loans fund: advances outstanding at 30 October 1995 Advances outstanding at 31 October 1995 £ New Towns-Development Corporations and Commission 893,317,145 Scottish Enterprise 949,403 Scottish Homes 395,690,863 UK Atomic Energy Authority 138,666,667 Welsh Development Agency 1,002,737 Total loans to other public corporations 1,443,224,902 Loans to local authorities 40,725,747,490 Loans to the private sector Harbour authorities 733,280 Housing associations 13,003,056 Total loans to the private sector 13,736,336 Loans within central Government Central Office of Information 381,820 Housing Corporation (England) 752,288,998 Housing for Wales 59,071,733 Married quarters for Armed Forces 64,322,214 Northern Ireland 1,642,604,612 Total loans within central Government 2,518,669,377 Total 47,334,934,709