§ 37. Mr. D. Howellasked the Chancellor of the Exchequer whether he will appoint a committee to inquire into the comparative profitability of the nationalised electricity and gas industries, British European Airways, Cable and Wireless Limited, and the Post Office, and to make recommendations.
§ Mr HowellIs the Chancellor aware that this Question was put to the Prime Minister because of the answer he gave on 5th March in which he said, quoting the Atomic Energy Authority:
One can summarise these things as one likes This one can never pay. The others do not pay."—[OFFicIAL. REPORT, 5th March, 1959; Vol. 601, c. 622.]Is the right hon. Gentleman aware that the industries mentioned in the Question are efficient and do pay? Will he inform the Prime Minister that, notwithstanding an approaching General Election, it is generally desirable to maintain standards of truth and accuracy in these matters?
Mr AmoryThe main reason for giving the Answer I have given is that I am not persuaded that such an inquiry as the hon. Member proposes would be useful owing to the different nature and responsibilities of the industries, but the financial results of some of these nationalised industries are, of course, subject to review by the Select Committee on Nationalised Industries.
§ Mr GowerWill my right hon. Friend agree that, as a general proposition, the profitability of nationalised industry is rather less than was forecast by the editors of a booklet called " Let us Face the Future," published in 1945?
Mr AmoryI think from memory that what my hon. Friend the Member for Barry (Mr. Gower) has said reflects the facts.
§ Mr JayCan the Chancellor say if the Bank of England is making ends meet? If so, will he tell the Prime Minister?