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More money for LTB and BR
Page 65
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TIE Government acted this week to give 'London Transport definite aid, in line with that given to the railways, to meet its losses.
In a Bill published 6n Tuesday it proposed to make available to the Board a sum of up to f16m. to meet its accumulated deficits between 1963 and the end of 1968.
The necessity for this became obvious on Tuesday, because it was revealed that last year's Elm. deficit was likely to mount to a massive £5.5m. this year, with others to follow.
The same bill also proposed to pump another £350m. into the railways by the end of 1968. This is necessary because the £450m. granted under the 1962 Act will be exhausted this year, more than 12 months ahead of time.
When the bill comes before Parliament, Mrs. Barbara Castle, the Minister of Transport, will emphasize that the new aid both to the railways and London Transport is only an interim measure. She will promise that new legislation, based on Labour's soon-to-be-published transport plan, will replace these provisions under the 1962 Act before, the end of 1968, when the new grant powers expire.