HC Deb 30 June 1960 vol 625 cc1535-7
14. Mr. Peyton

asked the President of the Board of Trade what further information he will now give concerning payments made to privately-owned companies under the Local Employment Act.

Mr. Maudling

It will be my intention to include in the Annual Report to Parliament on the operation of the Local Employment Act figures showing the total payments made by loan and by grant to private firms under the Act in as much detail as can be disclosed without revealing information about the agreements made with individual firms, which I do not consider it would be proper for me to publish.

Mr. Peyton

Could not my right hon. Friend look at this again and consider giving the House information from time to time, both about the individual firms and the amount, if not the exact terms of repayment? Does he not understand how quite intolerable it is for the ordinary private Members of Parliament to see this spectacle repeated again and again—Parliament authorising action and then not being told the result of that action? I hope my right hon. Friend will take this point seriously.

Mr. Maudling

I have looked at this several times and it worries me a good deal. What we will make available is the amount of money provided by the Government and the results obtained from the provision of that money, but to specify in detail what our confidential arrangements with individual firms were would frustrate our policy, and the readiness of firms to come forward into these areas and accept Government assistance might in a considerable degree be prejudiced if they knew that all that went on between us and them had to be revealed to the House of Commons. I know that it is very difficult, but after looking at it several times I am satisfied that it is the right decision.

Viscount Hinchingbrooke

Is the Government's reticence in this matter an indication of the need to walk delicately in what is now realised as a foolishly-conceived policy? If not, can we have from the right hon. Gentleman a better justification that he has now given? For example, does he realise that the total amount of loans to individual firms such as Colvilles and Richard Thomas and Baldwins have been disclosed? Why cannot he state, in the form of a White Paper, the actual amounts, even if he has to withhold details of the terms of repayment?

Mr. Maudling

I will certainly look at that. I want to give as much information as possible without frustrating the purpose of the policy which, whether or not my noble Friend agrees, we still believe to be the right policy, but to give individual details of individual contracts with individual firms would really frustrate the purpose of that policy. We want to give the total picture of what the Government are doing. As to loans and grants, I can act only on the advice of B.O.T.A.C., an independent advisory committee. That is a precaution inserted into the Act by Parliament, and I think that it is a good one.

Mr. Jay

While I think that there is force in the right hon. Gentleman's objection to giving the names of the individual firms—which, after all, follows the practice of the Inland Revenue—could he, without going as far as that, give more particulars, such as the rates of interest on the loans?

Mr. Maudling

I have not yet settled the form of the annual report, in which I am anxious to include as much information as possible. I shall certainly take this suggestion and other suggestions into account when settling the form of the report.

Mr. Peyton

On a point of order, Mr. Speaker. In view of the importance of this matter, I beg to give notice that I shall raise it on the Adjournment.