HC Deb 16 June 1959 vol 607 cc242-3
45. Mr. Harold Davies

asked the Chancellor of the Exchequer if he will state the amount of public money given in loans, grants or subsidies to private industry each year since 1951.

Mr. Amory

It is not possible to produce figures for the whole period without a disproportionate expenditure of time and labour. But the current year's Estimates provide that private industry (excluding agriculture) is to receive from the Exchequer financial assistance in all forms of about £20 million or well under 3 per cent. of what it pays annually to the Exchequer in the form of taxes. There is no reason to suppose that the percentage was much larger in the earlier years.

Mr. Davies

Is the Chancellor aware that some of us are amazed that those figures are not available? The taxpayer has been paying over the years, and we ought to know what we are paying out. Will he not agree that there is a new phase in big business now when big business is finding that it cannot enter upon colossal undertakings and those concerned in big business seem to tramp about like Buddhist monks with their begging bowls, going regularly to the Treasury? We can have none of the profits, but we bear all the losses. Is not this in itself a case for public ownership?

Mr. Amory

I think I shall have to spend the evening reading what the hon. Gentleman has said.

Mr. Davies

In view of the unsatisfactory nature of that reply, I beg to give notice that I shall give the Minister an opportunity of reading what I have to say on the Adjournment.