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Iron And Steel Money

Volume 828: debated on Thursday 16 December 1971

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Queen's Recommendation leaving been signified—


That, for the purposes of any Act of the present Session to make new provision with respect to the finances of the British Steel Corporation, it is expedient to authorize—
  • (1) the release of that Corporation from their liability to repay an amount not exceeding £150 million in respect of the principal of money borrowed by them under section 19(2) of the Iron and Steel Act 1967;
  • (2) any increase in the sums falling to be paid out of or into the National Loans Fund or the Consolidated Fund, or out of moneys provided by Parliament, in consequence of any provision of the said Act of the present Session increasing the limit in section 3 of the Iron and Steel Act 1969 from £650 million to an amount not exceeding £1,250 million.—[Mr. Ridley.]