HC Deb 28 July 1953 vol 518 cc1078-9
26. Mr. Roy Jenkins

asked the Chancellor of the Exchequer to give an indication, from the figures of movements of labour or from other sources, of the success of his policy of tilting the balance of the economy towards investment.

Mr. R. A. Butler

The latest employment figures extend only to May. There has been a pronounced increase in building licences for manufacturing industry.

Mr. Jenkins

But the Chancellor will surely agree that the latest labour figures which we have indicate a most disturbing movement away from the metal and engineering trades and towards the consumer and distributive trades, which is out of line with the policy which he announced in his Budget? Does he propose to take any further steps to deal with that situation?

Mr. Butler

The real difficulty in analysing this result of the Budget is that we have not the figures for a long enough period to see the effect. No doubt the hon. Member will follow this up. We are just as anxious to see labour properly distributed as he is.

Mr. Grimond

In view of the fact that the necessary investment should be productive investment, will the Chancellor say when he proposes to tackle the question of finance for the Government housing programme and whether he intends any change in the interest rate?

Mr. Butler

If we had not supported the housing programme, we should not have achieved a success which hon. Members and right hon. Members opposite were unable to achieve.