Hansard

Steel Corporation And Post Office

Volume 905: debated on Monday 16 February 1976

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Mr. John Moore

asked the Secretary of State for Industry what have been the declared losses-gains and the capital write-offs of the British Steel Corporation for each year since 1967 and of the Post Office for each year since 1960.

Mr. Kaufman

The information on declared losses and gains is given in the table below. £350 million was transferred to BSC reserves under the Iron and Steel Act 1972, by way of capital write-off.

(£m.)
British Steel Corporation†Post Office‡
Year*Profit (after taxation)Loss (after taxation)ProfitLoss§
1959–60………——20·9—
1960–61………——24·3—
1961–62………——13·6—
1962–63………——12·1—
1963–64………——30·7—
1964–65………——20·1—
1965–66………——40·2—
1966–67………——44·3—
1967–68………—19·539·3—
1968–69………—22·844·4—
1969–70………12·4—36·2—
1970–71………—10·420·5—
1971–72………—68·036·1—
1972–73………2·8——64·1
1973–74………50·2——128·1
1974–75………72·6——306·7
* Accounting periods have varied over the years referred to.
† Source: BSC Report and Accounts.
‡ Source: Post Office Report and Accounts.
§ Compensation for price restraint is excluded from the figures in the table. Compensation of £9·7 million was paid in 1972–73; £123·6 million in 1973–74; and £307 million in 1974–75.