§ 9. Mr. Wingfield Digbyasked the Chancellor of the Exchequer what increased provision for capital investment in the public sector he will authorise for 1965–66.
§ Mr. CallaghanExpenditure 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. DigbyWill 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. CallaghanSo 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. Osborneif capital expenditure exceeds national savings, will not inflation result?
§ Mr. CallaghanI think that it will depend on the level of taxation.