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Nationalised Industries

Volume 901: debated on Thursday 20 March 1975

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asked the Secretary of State for Industry if he will publish in the Official Report a table showing the total cost to public funds of each nationalised industry—including compensation payments—from the date of nationalisation to the present time.

The information for the nationalised industries for which my Department is responsible is as follows:

Amount (at outturn prices)£million
The Post Office
Write-off of postal deficits177·4
Compensation to the Post Office under the Statutory Corporations (Financial Provisions) Act 1974133·3
Investment grants under the Industrial Development Act 19663·0
Total313·7
Amount (at outturn prices)£ million
The British Steel Corporation
Transfer of capital debt to reserves*350·0*
Investment grants, regional development grants and similar grants, including any due to the companies at the time of natinalisation207·6
Total557·6
*Against this £128 million has been written off to date.