§ 24. Sir C. Osborneasked 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. MaudlingOn 5th November last I announced substantial improvements in the capital and depreciation 1109 allowances for tax purposes for expenditure on new industrial equipment incurred after that date. This should represent a powerful encouragement to modernisation.
§ Sir C. OsborneBesides 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. MaudlingAt all times I look for ways of encouraging further investment in modern equipment and I would be grateful for any suggestions.