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Nationalised Industries

Volume 939: debated on Friday 25 November 1977

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asked the Chancellor of the Exchequer if he will give the totals for each of the nationalised industries for (a) the total amount of capital written off and (b) the total net profit or loss since each became a statutory corporation.

The amounts of capital debt and revenue deficits written off for each of the nationalised industries are shown in Table A. The total accumulated surplus/deficit for each industry since nationalisation is shown in Table B.

Capital Debt and Revenue Deficits written off to date (November 1977)
Industry£ million
National Coal Board864·6†
Electricity Council
North of Scotland Hydro-Electric Board
South of Scotland Electricity Board
British Gas Corporation
British National Oil Corporation
British Steel Corporation350·0‡
Post Office207·1§
British Airways Board135·0║
British Airports Authority
British Transport Commission*487·4
British Railways Board1,451·1¶
London Transport Board*269·8
British Transport Docks Board
British Waterways Board15·5
National Freight Corporation
National Bus Company
Scottish Transport Group
British Aerospace
British Shipbuilders
* The BTC ceased to exist in 1963. The LTB ceased to be a nationalised industry in 1970.
† Includes £90·8 million in respect of accumulated revenue losses at March 1965, £24·8 million provision for revenue losses in the year ended March 1966 and £174·6 million in respect of accumulated revenue losses to March 1973.
‡ This amount was transferred to reserves under the Iron and Steel Act 1972: against this £166·5 million had been written off by 2nd April 1977.
§ Including £13 million in respect of PO banking services recreated into the form of public dividend capital.
║ Including £30 million reconstituted as a reserve, which has since been capitalised as public dividend capital.
¶ Including £705 million debt suspended under the Transport Act 1962 and finally written off under the Transport Act 1968.
Surpluses/Deficits to 31st March 1977 (31st December 1976 for BNOC and surface transport industries)
£ million
National Coal Board—488·2
Electricity Council396·3
North of Scotland Hydro-Electric Board—1·8



£ million

South of Scotland Electricity Board-0·1
British Gas Corporation80·4
British National Oil Corporation-1·3
British Steel Corporation315·3
Post Office†275·4
British Airways Board‡6·4
British Airports Authority37·0
British Transport Commission§-720·5
British Railways Board-935·1
London Transport Board§-35·1
British Transport Docks Board19·0
British Waterways Board-43·9
Transport Holding Company§59·5
National Freight Corporation-65·4
National Bus Company-22·2
Scottish Transport Group-10·6

* Profit/Loss figures have in each case been calculated before Government grants to meet deficits on revenue account or as compensation for price restraint, but after grants for specific purposes. They are after depreciation and interest charges and, where applicable, extraordinary items, minority interests, taxation and dividend on public dividend capital.

† The Post Office has been included since 1961–62, when it was decided that it should be treated in matters of finance as though it were a nationalised industry.
‡ Including, until 1971–72, profit/loss figures for both BOAC and BEA.
§The BTC ceased to exist in 1963 and the THC in 1971. The LTB ceased to be a nationalised industry in 1970.