§ 31. Mr. Palmerasked the Chancellor of the Exchequer how he proposes to develop the system of financial objectives for the nationalised industries to assist national economic expansion.
§ The Financial Secretary to the Treasury (Mr. Niall MacDermot)State industries all have an important rôle to play in developing and expanding the economy, particularly those in the energy and transport spheres now being studied. It is in this context that we shall wish to look at and, if need be, develop the system of financial objectives for these industries. But it is premature at this stage, when these inquiries are incomplete, to say precisely how this should be done.
§ Mr. PalmerNow that we have a Government who believe in public ownership, would not my hon. and learned Friend agree that there is a case for reviewing some of the assumptions made in the previous Government's White Paper on this subject?
§ Mr. MacDermotYes, Sir. As my right hon. Friend has said, in general we accept the financial targets contained in the existing White Paper, but, for the reasons indicated by my hon. Friend, we are reviewing this matter and we will consider in what further ways we can develop the system of financial objectives.