§ 4. Mr. Holtasked the Chancellor of the Exchequer if he will set up a capital investment board to advise him on the priorities and appropriate scale of capital investment which has to be financed by the Treasury.
Mr. AmoryNo, Sir. The general question of Exchequer financing of capital investment is an integral part of Government's responsibility for the national economy as a whole and could not usefully be referred to such a board though Government may wish to take independent advice on specific issues. In my view the existing arrangements are adequate.
§ Mr. HoltWould not the right hon. Gentleman agree that, as the Government are now responsible for a wide field of capital expenditure, and as Parliament should be in a position to comment on this matter in an informed manner from time to time, it would be an advantage if such a committee were set up and published a report, which the Government could then refuse to abide by or otherwise, but at least Parliament would have an opportunity of commenting on it?
Mr. AmoryThe question of Parliamantary control is rather a separate one, but the Government consider this is an integral and very important part of the control of the economy, and it is our view that the responsibility must be ours, and ours alone.