HC Deb 18 June 1953 vol 516 cc1166-8
21. Mr. G. R. Strauss

asked the Chancellor of the Exchequer whether, in fairness to potential investors, he will instruct the Iron and Steel Holding and Realisation Agency that all public invitations for investment in denationalised iron and steel companies must contain the statement that it is the declared policy of Her Majesty's Opposition to return these companies to public ownership at the first possible moment, without paying more in compensation for assets or stock than will be received by their sale, and that in any such calculation the amount of dividends paid to shareholders will be taken into account.

Mr. Boyd-Carpenter

No, Sir.

Mr. Strauss

Is the Financial Secretary aware that during recent months, in some Government circles and in some sections of the Press, it has constantly been suggested that the resolve of the Labour Party to renationalise such iron and steel companies as may be necessary without imposing further burdens on the taxpayer has weakened in some way; and, as that is completely untrue, is it not desirable in the interests of potential shareholders that the true facts should be stated and the potential investors be left in no doubt on this matter in any advertisement that is issued by the Iron and Steel Agency?

Mr. Boyd-Carpenter

In the first place, it would be unprecedented to insert in a document of this sort any reference to the policy of a political party, as perhaps that would involve rather frequent amendment. In the second place, to insert any such statement would be inconsistent with the constructive way in which the debate on the Iron and Steel Act was carried out and with the emergence from that debate of what is generally regarded as a sensible and enduring arrangement.

Mr. Strauss

Is the hon. Gentleman aware that our policy on this matter has not altered at all from the beginning and is unlikely to alter; and that as, quite plainly, a campaign has been started to try to deceive people into believing the Government's view that this Act is a solution to the problem, it is essential, not only in the interests of the potential shareholders but to prevent them from having any grievance against the next Government, that they should be under no illusions as to the terms and conditions under which they buy these shares from the Government?

Mr. Boyd-Carpenter

Nothing that I or anybody else can do can prevent large numbers of people from having many real grievances against any future Socialist Government, but I am bound to add that that contingency becomes more and more remote with every policy statement issued.