HC Deb 19 January 1965 vol 705 c8
9. Mr. Wingfield Digby

asked the Chancellor of the Exchequer what increased provision for capital investment in the public sector he will authorise for 1965–66.

Mr. Callaghan

Expenditure on civil public investment in 1965–66 is at present expected in real terms to be some £195 million higher than the total for 1964–65.

Mr. Digby

Will the right hon. Gentleman allow for provision for the authorisation of the second nuclear power programme which is under consideration by the Government and which must be a very expensive item?

Mr. Callaghan

So many items are involved—including roads, housing, education, universities and the Atomic Energy Authority's programme—that I could not undertake to give the hon. Gentleman a definite answer now. If he will put down a Question, I will see that he gets a definite answer.

Sir C. Osborne

if capital expenditure exceeds national savings, will not inflation result?

Mr. Callaghan

I think that it will depend on the level of taxation.