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British Steel Corporation

Volume 978: debated on Monday 4 February 1980

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asked the Secretary of State for Industry what was the percentage increase in the salary of the members of the board of the British Steel Corporation between 1978 and 1979 what is the proposed increase between 1979 and 1980; and what the net increase in their salaries was compared with the net increase in their take-home pay after allowing for the recent tax changes.

Increases vary, but taking, for example, a full-time member of the board the percentage increase on 1 April 1979 over his salary on 1 January 1978 was 20·6 and the increase proposed for 1 April 1980 will be 7·7 per cent. The increases in money terms will be £5,005 and £2,255 respectively. Information on take-home pay is not available.

asked the Secretary of State for Industry what was the percentage increase in the salary of the chairman of the British Steel Corporation between 1978 and 1979; what is the proposed increase between 1979 and 1980; and what the net increase in his salary was compared with the net increase in his take-home pay after allowing for the recent tax changes.

The percentage increase on 1 April 1979 over the chairman's salary on 1 January 1978 was 32·8. The increase proposed for 1 April 1970 is l6·3 per cent. The increases in money terms are £10,305 and £6,805 respectively. Information on take-home pay is not available.

asked the Secretary of State for Industry what has been the effect of the steel strike so far on the cash flow of the British Steel Corporation.

The BSC estimates the strike is costing it £10 million a week. Full implications for cash flow cannot yet be established.