§ 13. Mr. Stevensasked the Chancellor of the Exchequer what would be the cost to the Exchequer in a full year of extending the Overseas Trading Corporation provisions to overseas subsidiary companies.
§ Sir E. BoyleThe cost cannot be estimated precisely but would probably be several million pounds in a full year.
§ Mr. StevensWould my hon. Friend agree that in any case the cost of extending these provisions to overseas subsidiaries would be likely to be less than the original cost covering overseas branches only? In any event, would he not agree that the cost in tax concessions has been of great benefit to British industry and financial institutions?
§ Sir E. BoyleI have no doubt that we shall have an opportunity of discussing all these matters at the appropriate time fairly soon. In the meantime, I am sure that my hon. Friend would not expect me to anticipate my right hon. and learned Friend's Budget statement and the Finance Bill.