§ 31. Mr. Grimondasked the Chancellor of the Exchequer if he will set up an in quiry into the methods of financing the nationalised industries and dealing with their fixed charges and accumulated deficits.
Mr. AmoryThe hon. Gentleman will be aware that the Radcliffe Committee has made certain recommendations about the financing of the nationalised industries which the Government have under consideration. They have no prior charges as such, since they are wholly financed by fixed interest capital. If powers are needed to finance any deficit the Government must naturally seek them from Parliament, but I doubt the necessity for a special inquiry.
§ Mr. GrimondWhile not encouraging the Chancellor to set up any more unnecessary committees, may I ask whether he would agree that the whole situation of the financing of nationalised industries is becoming extremely unsatisfactory, that deficits are mounting up year by year, and that the system of financing capital expenditure out of a budget was meant to be a short-term measure?
Mr. AmoryI agree that the provision of finance for the nationalised industries is a formidable problem, but I think it likely that we shall be discussing it during our debate on the Radcliffe Report.