§ Mr. Hooson
asked the Secretary of State for Wales if he has now determined the new financial duty for the site development and factory building function of the Welsh Development Agency; and if he will make a statement.
§ Mr. Nicholas Edwards:
The Welsh Development Agency has been informed of my determination in the following terms:Having regard to its statutory functions and to the Government's guidelines it will be the duty of the Agency to earn the best practicable financial return from the purchase and development of land and the construction and letting of factories. To this end, in providing and letting industrial premises the Agency will aim to achieve:
- (a) rental income from new and modernised premises completed during a rolling 3–year period at least equivalent to an agreed return on the all-in capital investment in such premises. The target return is to be agreed annually with my Department;
- (b) a financial surplus (or deficit) resulting from the whole operation of its industrial estates and factory provision operations, at least equal to the amount set out in the annual operational budget of relevant income and expenditure to be agreed each year with my Department.