§ Mr. MacGregor
I regret that the information requested could only be provided at greatly disproportionate cost; there are no plans to alter in future the policy set out in the Government's Expenditure Plans 1980–81 to 1983–84 in March 1980, and further explained in my right hon. Friend's memorandum on industrial support delivered to the National Economic Development Council in June 1980.
§ 23. Mr. Chapman
asked the Secretary of State for Industry how much subsidy was paid out to the British Steel Corporation in 1980; and what proportions of this went to pay for capital investment projects and to cover operating losses, respectively.
§ Mr. Michael Marshall
The external financing requirements of the British Steel Corporation are calculated in financial years rather than calendar years. I gave my hon. Friend the figures for 1979–80 on 24 November last.
These provisions are for capital investment, working capital requirements including operational losses and closure costs including redundancies. The application of funds for 1979–80 is set out in the corporations's annual reports and accounts for that year, copies of which are available in the Library of the House.
The loss in 1979–80 after depreciation and interest but before tax was £544 million and capital investment was £282 million. In the half year to 27 September 1980 losses on the same basis were £279 million and £83 million was spent on capital investment.