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Aircraft And Shipbuilding Industries

Volume 981: debated on Monday 24 March 1980

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asked the Secretary of State for Industry, pursuant to his reply to the hon. Member for Surrey, North-West on 17 March, whether the satisfaction of compensation issued under schedule 5 to the Aircraft and Shipbuilding Industries Act 1977 was calculated on the basis of compensation due under schedule 4 to the Act; and whether the value of the stock now issued in payment has been calculated on a basis of simple or compound interest from the date of the offer.

[pursuant to his reply, 21 March 1980, c. 347–48]: No compensation became payable under section 29 of schedule 4 to the Aircraft and Shipbuilding Industries Act 1977. Consequently no rate of interest fell to be determined under paragraph 5 of schedule 4.Compensation for vested securities is paid under section 35 and schedule 5. I am advised that under paragraph 5 of schedule 5 the interest payable on this compensation is simple interest.