HC Deb 12 February 1963 vol 671 cc1108-9
24. Sir C. Osborne

asked the Chancellor of the Exchequer, in view of the fact that the American industrial worker has three times more machine power available and therefore produces twice as much as the British worker, if he will take steps to encourage further the modernisation of British industrial equipment to increase British competitiveness; and if he will make a statement.

Mr. Maudling

On 5th November last I announced substantial improvements in the capital and depreciation allowances for tax purposes for expenditure on new industrial equipment incurred after that date. This should represent a powerful encouragement to modernisation.

Sir C. Osborne

Besides the extra aid which has been given and for which industry is grateful, does not my right hon. Friend think that it would be better to help further with the widespread modernisation of industrial equipment rather than that skilled men should be idle?

Mr. Maudling

At all times I look for ways of encouraging further investment in modern equipment and I would be grateful for any suggestions.

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