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Electricity Stock

Volume 465: debated on Tuesday 24 May 1949

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asked the Financial Secretary to the Treasury the aggregate amount of local authority stock taken over in exchange for British Electricity Stock; and what the annual aggregate interest was on the local authority stock in question.

Under the Electricity Act, 1947, compensation for local authority electricity undertakings vested in the British Electricity Authority did not take the form of exchanging British Electricity Stock for local authority stock. Local authorities are compensated by being relieved of the liabilities attached to their electricity undertakings and by the payment of a lump sum for severance.

asked the Financial Secretary to the Treasury what the total amount of British Electricity Stock issued was; and what the annual interest due upon it will be.

The nominal value was £445,123,861. The annual interest will be £13,364,172.