11. Mr. H. Wilsonasked the Chancellor of the Exchequer if he will give an assurance that Her Majesty's Government will not propose a reduction in investment allowances for general industry during the lifetime of this Parliament.
§ Mr. Selwyn LloydNo, Sir.
Mr. WilsonAs the Chancellor gave a clear assurance a few days ago about investment allowances for shipping—which, I think, the whole House welcomed—and as the present Prime Minister, as his first act as Chancellor of the Exchequer, scrapped investment allowances in 1956, does it not seem extraordinary that the Chancellor gives an assurance in respect of investment allowances for shipping? In view of the importance of investment allowances for general industry, will he not give a similar assurance that he or his successors will maintain those investment allowances at not less than their present value?
§ Mr. LloydI think that the shipping industry has always been treated as a unique industry, even in the circumstances of 1956. As to the general proposition, it will, of course, be my purpose 1107 to try to promote investment, but I think that it would be unreasonable for me to be expected to tie my hands as the right hon. Gentleman asks.