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Statutory Corporations (Financial Provisions) Money

Volume 893: debated on Monday 9 June 1975

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Queen's Recommendation having been signified


That, for the purposes of any Act of the present Session to provide further (by extending section 2 of the Statutory Corporations (Financial Provisions) Act 1974) for compensating certain nationalised industries for their losses due to price restraint, and to make other pro- visions with respect to finance and administration in the public sector, it is expedient—
  • (a) to authorise payments, out of money provided by Parliament, to the Central Electricity Generating Board and Area Electricity Boards, the North of Scotland Hydro Electric Board, the South of Scotland Electricity Board, the British Gas Corporation and the Post Office in respect of—
  • (i) their losses in 1974–75 and 1975–76, in consequence of compliance with the national policy relating to the limitation of prices, and
  • (ii) also (but subject to Treasury order) such losses in 1976–77;
  • (b) to increase from £1,250 million to £2,000 million the sum specified in section 3 of the Iron and Steel Act 1969 as the limit on borrowing by the British Steel Corporation and the publicly-owned companies, together with advances by the Secretary of State to the Corporation;
  • (c) to increase from £130 million to £200 million the sum specified in section 27(3) of the Transport Act 1968 as the limit on the principal of money borrowed by the National Bus Company, together with the commencing capital debt of the Company;
  • (d) to authorise, in the case of Electricity Consultative Councils and National and Regional Gas Consumers' Councils, the payment, out of money provided by Parliament, of—
  • (i) remuneration of chairmen of the Councils and pensions, allowances and gratuities payable to or in respect of them, and
  • (ii) expenses of the Secretary of State in respect of the Councils under or in pursuance of the said Act of the present Session or the Gas Act 1972 (as the case may be); and
  • (e) to authorise payments into the Consolidated Fund.—[Mr. Sheldon.]