The Aircraft and Shipbuilding Industries Act 1977 is an Act of the Parliament of the United Kingdom that nationalised large parts of the UK aerospace and shipbuilding industries and established two corporations, British Aerospace and British Shipbuilders (s.1).
Nationalisation of the two industries had been a manifesto commitment of the Labour Party in the United Kingdom general election, February 1974. It met immediate opposition from the industries, including from Labour politician and Vickers Chairman Lord Robens
The nationalisation was announced in July 1974 but the compensation terms were not announced until March 1975. The Bill had its first reading on 30 April 1975 but ran out of parliamentary time in that session. Subsequent Bills had a stormy passage through parliament. Ship repairing was originally included in its scope but removed because of the findings of examiners that the Bill was hybrid. The Bill was rejected by the House of Lords on three separate occasions. It was possible that the provisions of the Parliament Acts 1911 and 1949 could have been employed to enact it, but the legislation was approved following concessions by the Government, including deletion of the 12 ship repairing companies.
Read more about Aircraft And Shipbuilding Industries Act 1977: List of Assets Subsumed By British Aerospace, List of Assets Subsumed By British Shipbuilders, Compensation
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