HC Deb 18 December 1956 vol 562 c1081
16. Mr. Roy Jenkins

asked the Chancellor of the Exchequer whether he will reintroduce the investment allowance, possibly on a discriminatory basis.

Mr. H. Macmillan

I have noted the hon. Member's suggestion.

Mr. Jenkins

Will the Chancellor not agree that the present level of investment in this country is highly unsatisfactory? Will he not also agree that there is real danger that the measures arising out of our present difficulties will affect the level of investment in 1957, 1958 and 1959?

Mr. Macmillan

The hon. Member will remember that we discussed this at some length in the debates on the Finance Bill. I made three special classes to whom this benefit should apply. They were scientific research assets, shipbuilding, and certain classes of fuel-saving equipment. I think that that was generally acceptable to the House. I will certainly note and consider the hon. Member's suggestion about whether these classes should be increased.

Mr. H. Wilson

Now will the Chancellor answer the question which the Economic Secretary failed so lamentably to answer last week? Do the Government want to see capital investment in British industry in the coming year go up or down?

Mr. Macmillan

I do not think I should answer a question couched in that rather offensive form about my colleague.