52. Miss Wardasked the Chancellor of the Exchequer whether he is aware of the great difficulty of industrialists on the North-East coast who, owing to the years of depression, have a low-profits standard of finding the capital necessary to re-equip and expand their works in preparation for the post-war period; and is he prepared, in the interests of the future of this area, to take steps to equalise the position.
§ Sir J. AndersonI would refer my hon. Friend to the provisions of the Excess Profits Tax law enabling a substituted standard to be claimed in cases where the profits of the standard period were so low as not to provide a just standard, and to the further provision for repayment after the war of the Excess Profits Tax post-war credit. That credit is intended to be available to meet post-war capital expenditure, including expenditure on re-equipment and expansion of the kind referred to by my hon. Friend.
Miss WardIs my right hon. Friend aware that industrialists in these special development areas do not consider that the present financial arrangements are satisfactory? Will he kindly look into the whole question again?
§ Sir J. AndersonI can assure my hon. Friend that I am constantly looking at the whole question. I am not aware that industrialists generally regard the position as so unsatisfactory as my hon. Friend's question seems to indicate.
§ Sir J. AndersonCertainly.