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Nationalised Industries

Volume 930: debated on Wednesday 27 April 1977

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asked the Chancellor of the Exchequer if he will set out the precise coverage of the classes of finance included in the estimated external financing requirements published in table 13 of the Budget Red Book for the nationalised industries.

The following elements of sources of finance make up the estimated external financing requirements: grants from central and local government, except regional development grants and residual payments of investment grants; issues of public dividend capital; net borrowing from the National Loans Fund, including in the case of the British National Oil Corporation finance from royalty and licence fee revenues in the National Oil Account, in foreign currency and from overseas, and short term in the United Kingdom, plus usage of trade bills and acceptance credit; and the capital value of leased assets.

asked the Chancellor of the Exchequer in what sense the external financing requirements of the nationalised industries published in table 13 of the Budget Red Book will be treated as a form of cash limit; and, in particular, in what circumstances these limits will be modified.

An increase over an industry's estimate for the year would have to be authorised by Ministers; the trading conditions of individual industries vary considerably, and it is not possible to predict in what exceptional circumstances a limit might be modified.