§ Q7. Mr. Bruce-Gardyneasked the Prime Minister if he will place in the Library a copy of his public speech at the Guildhall on 14th November on investment.
§ The Prime MinisterI have already done so, Sir.
§ Mr. Bruce-GardyneIs the Prime Minister aware that I am grateful to him for responding, even belatedly, to my request? On the point of investments, would he not agree that it is not fainthearted of British industry at this time to cut back investment when its return on existing investment is being curtailed by the Government? Would he not further agree that it has no choice and that this is not going to be changed by a lot of after-dinner platitudes by himself or 5 per cent. extra on the dole from the President of the Board of Trade?
§ The Prime MinisterThe problem here is that some firms have been getting into an over-cautious attitude, not because of any calculation or extrapolation of their own earning power, their profit re- 1154 cord or the market for their products, but because they have thought that, as other firms have been affected, they may be too, and so they are holding back. That is what I meant in this speech. I said at the same time that an announcement would be made during the debate on the positive incentives. This was done and I thought that the House, by a very considerable majority, approved the policy in this respect.
§ Mr. HeathWould the Prime Minister now ensure that there is an official statement about the level of Government investment in 1967–68? Is he aware that already the Government are asking private industry to be forthcoming about the level of investment for next year, but we have heard absolutely nothing from the Government and no figures were given during the debate last week? Could the Prime Minister ensure that this is done?
§ The Prime MinisterI will certainly consider that. I was not quite sure if the right hon. Gentleman was making the point that he would like to see Government investment increase or decrease during that period. I was not sure whether he wanted it to increase in order to help maintain the total level of investment in the country or whether he wanted it to decrease, since last week he was complaining about the level of Government expenditure. If he will tell me which it is, I will do my best to see that he receives an answer.
§ Mr. HeathI am sorry if the Prime Minister misunderstood my question. I asked whether the Government will merely publish a statement about their investment intentions for 1967–68. The National Institute has called for this because there was, until the National Plan, an annual publication in the autumn of the level of Government investment. Now we have neither the National Plan nor the White Paper. Will the Prime Minister state what the Government are going to do?
§ The Prime MinisterYes. I have said that I will consider the right hon. Gentleman's request as to whether and how quickly we can get out the figures he wants. I should still be interested to know whether he wants investment to go up or down.