HC Deb 25 June 1963 vol 679 c1124
30. Mr. Thornton

asked the President of the Board of Trade what is his latest estimate of the cost to the Exchequer of the re-equipment phase of the Cotton Industry Act, 1959.

Mr. Green

I regret that it is not possible to estimate the total cost to the Exchequer of re-equipment grants, as it will not be known until after July, 1964, how much re-equipment or modernisation will be carried out by the industry. To date, £5,193,968 has actually been paid out in grants.

Mr. Thornton

Is the hon. Gentleman satisfied that the progress being made in re-equipment justifies the £11 million in Treasury funds which have been spent on scrapping of machinery?

Mr. Green

I do not think that it is possible at this moment in time to make the sort of equation that the hon. Gentleman is inviting me to make. Perhaps a little later on, if he would care to table that question and I have more of the facts, it would be possible for me to give him a more satisfactory answer.

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