HC Deb 25 March 1958 vol 585 cc203-4
9. Mr. Brockway

asked the Chancellor of the Exchequer if he will consider some means of reducing interest charges on the investment of capital in public projects in overseas territories in view of the loss of contracts to British firms owing to the 7 per cent. Bank Rate.

Mr. Brockway

On a point of order. This Question was tabled before the reduction in the Bank Rate. Of course, the figure should now be 6 per cent.

Mr. Amory

I do not think that it would be appropriate to introduce any special arrangements of the kind suggested. It is not my policy to influence in a discriminatory manner the normal structure of interest rates.

Mr. Brockway

Will the right hon. Gentleman bear in mind that the Prime Minister of Ghana has just stated that it is impossible to give concessions to industries in this country because of the high Bank Rate? Would not it be desirable from the point of view of British industry that there should be some arrangement by which there could be a reduction of interest rates to those countries?

Mr. Amory

I think the hon. Member knows that our policy has been and still is very much against anything that can be interpreted as an export subsidy.