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Government Aid

Volume 884: debated on Wednesday 15 January 1975

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asked the Secretary of State for Industry (1) what is the total sum to which the Government have issued guarantees, loans and grants of public money to support industry and workers' co-operatives since coming to office in March 1974;(2) what has been the cost to public funds attributable to the invoking of the Industry Act by his Department since March 1974.

Expenditure by the Department of Industry on loans, grants and purchase of shares under the Industry Act has totalled £236 million in the period 1st March-31st December 1974. Guarantees given in the same period total £237 million, of which £179 million was given under Section 10, £53 million under Section 8 and £5 million under Section 7. No expenditure has yet been incurred in support of workers' co-operatives, but conditional offers have been made as follows:

£ million
Meriden Co-operative4·95
Kirkby Manufacturing and Engineering Co. Ltd3·9
Scottish News Enterprise Ltd.1·2