HC Deb 23 April 1959 vol 604 cc583-4
30. Mr. Peyton

asked the Chancellor of the Exchequer what he estimates would be the loss of revenue in the present financial year if ship owners were permitted to write off the cost of a ship so soon as their profits allowed.

The Financial Secretary to the Treasury (Mr. J. E. S. Simon)

Assuming that the concession was applied to 1959–1960 Income Tax assessments, the cost would be about £5 million.

Mr. Peyton

I am rather surprised to hear that it is as high as that. Will my hon. and learned Friend urge his right hon. Friend not to lose this invaluable opportunity which is offered to him at very little cost to restore the competitive power, or something of the competitive power, of the British shipping industry? Does he realise that this chance is one which may not come again and, as I said, at very little cost it offers him the possibility of setting the whole pattern for the future on very much more favourable lines than now exist?

Mr. Simon

I will draw my hon. Friend's remarks to the attention of my right hon. Friend, who will, no doubt, shortly have an opportunity of discussing these matters more fully.

Mr. Shinwell

If the hon. and learned Gentleman and his right hon. Friend the Chancellor are unable to do anything in this regard—there may be sound reasons for refusing to do so—what is to be done about the plight of British shipping? Does lie appreciate that other countries are not only subsidising their shipping but they have flags of convenience and flag discrimination, all to the detriment of British shipping? What is to be done about it?

Mr. Simon

The right hon. Gentleman may well be right in what he says and in the matters to which he draws attention. They are for my right hon. Friend the President of the Board of Trade or my right hon. Friend the Minister of Transport, and we can hardly discuss them by question and answer at Question Time.