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THC Profit Questions
Page 57
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THE Transport Holding Company's profit from buses—about £7m.—would not be missed if the Chancellor were to say that he would in future do without it, said Mr. Alexander Lyon (Labour, York) in the Commons last week.
But, added Mr. Lyon—who was making his maiden speech—the effect upon individuals who used those buses would be tremendous.
He said 'that when he was opposing, on behalf of the local Labour Party, an application for an increase in bus fares in York he found that even after it had paid increased labour costs, the company—owned by British Transport Holdings —would be able to make a profit of 125.000 a year. But it wanted to make 00,000 because it had been used to a return of 10 per cent on its capital.
This company had 20,000 buses in its provincial fleet, although it owned in all 27,000, went on Mr. Lyon. If it had had its way the company would have put up its fares so that the profit could then go to the Chancellor and be used to lessen the burden of general taxation.
When he was considering the case to put before the Traffic Commissioners, he found that there were many people whose fares would rise by as much as a third, said Mr. Lyon.
This could be met only by further pressure for wage increases; and this was directly relevant to the efforts of the First Secretary to try to promote a prices and incomes policy.
Mr. Lyon asked: Why should we take money out of the pocket of the bus passenger with one hand, in order that we could put it back into his pocket as a taxpayer with the other?
He had written to Mr. Aubrey Jones, asking him to consider this matter in his appraisal of the provincial bus services and had raised it with the Minister of Transport.
He hoped the Chancellor would consider this matter.