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Nationalised Industries

Volume 895: debated on Thursday 17 July 1975

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asked the Secretary of State for Industry what is the current weekly rate of loss in each of the nationalised industries within his responsibility; and what are the figures on a daily basis, assuming a five-day week in the particular case of the nationalised shipbuilders, including Harland and Wolff, in so far as information is available to him.

The weekly trading loss made by the British Steel Corporation is currently running at about £5 million. The future movement of this figure will be determined largely by the state of trading. Before taking account of the compensation paid for price restraint under the provisions of the Statutory Corporations (Financial Provisions) Act 1974, the Post Office made a loss of £306·7 million in 1974–75. The average weekly loss was £5·9 million. Assuming that the current applications for increased tariffs are approved in full, the Post Office does not expect to make a loss in the current financial year. Government-owned shipbuilding companies follow the accounting practices prescribed by the Companies Acts which do not require the compilation of information in the form required.