Debt policy
Page 17
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kIR COMPETITION should exist etween different bus perators, declared Junior ransport Minister Kenneth arke, in the House of Cornons.
But he refused to write off any I the capital debt of the ational Bus Company. This ould be a new form of subsidy id would give an unfair advange vis-à-vis its private sector )mpetitors, he said.
It was Roger Stott (Labour, resthoughton) who had hoped "restore some justice" to the BC during the debate on the .ansport (Finance) Bill, which creases the company's exteral financing limit on aggregate arrowing from £200 million to ?50m, with an upper limit of ?75m, subject to the Minister's aproval.
Mr Stott noted that the NBC ould not receive a penny more am the Government to help it offset its operating costs.
There was, he complained, no axibility to enable less interest be paid in a poor trading year. istead, further loans had to be btained to cover losses, thus Jding to future problems.
Or, he added, there were irther fare increases and serce cuts, with the attendant roblems of trying to get the ianges approved by the Traffic ommissioners.