§ 29. Mr. J. H. Osbornasked the Minister of Power if he will estimate the value of capital investment in the steel industry in the year ending 31st December, 1966; and what investment is now budgeted for the year ending 31st December, 1967.
§ Mr. OsbornIs it not a fact that the process of nationalising steel has cut back capital investment drastically? Will the right hon. Gentleman bear in mind that the steel plant manufacturers are dependent on an active home market to keep their industry thriving?
§ Mr. MarshThere is no evidence that expenditure is being held up by the prospect of nationalisation. In fact the figure for 1964 was £55 million, and for 1965 £50 million. Therefore, the figures of £60 to £70 million given in the 1172 Answer show a steady progressive increase.