| Description | Herbert Committee set up to enquire into organisation and efficiency of electricity industry - report published February 1956; industry reorganised; Authority dissolved, council and Central Electricity Generating Board (CEGB) instituted under Electricity Act 1957, with existing Area Boards having complete financial autonomy; new system of bank borrowing agreed, with fixed limit on expected normal overdraft; discussions between Council and banks on borrowing produce few changes in system. |