HC Deb 19 October 1966 vol 734 cc357-9

[Queen's Recommendation signified]

Considered in Committee under Standing Order No. 88 (Money Committees).

[Mr. SYDNEY IRVING in the Chair]

Motion made, and Question proposed, That, for the purposes of any Act of the present Session to provide for the establishment of a public corporation (hereinafter referred to as "the Corporation") with the functions of promoting or assisting the reorganisation or development of any industry or section of an industry and establishing or developing, or promoting the establishment or development of, any industrial enterprise, it is expedient to authorise— (1) the issue out of the Consolidated Fund—

  1. (a) of any sums required for enabling the Secretary of State to make loans to the Corporation;
  2. (b) of any sums required to fulfil any guarantees by the Treasury in respect of sums borrowed by the Corporation otherwise than from the Secretary of State;
(2) the payment out of moneys provided by Parliament of sums required by the Secretary of State for making payments to the Corporation on terms which provide for the making of payments by the Corporation to the Secretary of State of amounts proposed by the former or determined by the latter; (3) the borrowing in any manner authorised by the National Loans Act 1939 of any money needed for providing sums required for enabling the Secretary of State to make loans to the Corporation; (4) the payment into the Exchequer of any sums received by the Secretary of State or the Treasury in consequence of any of the provisions of the said Act of the present Session and the re-issue out of the Consolidated Fund of sums so received by the Secretary of State in respect of loans made by him to the Corporation; so however that the aggregate of the amounts outstanding in respect of the sums paid to the Corporation as mentioned in paragraph (2.1 of this Resolution and of any sums issued by the Treasury in fulfilment of any guarantees mentioned in paragraph (1)(b) thereof and not repaid to them, together with the principal of any loans in respect of which guarantees have been given by the Corporation under the provisions of the said Act of the present Session and the principal of any money borrowed by the Corporation under those provisions, shall not exceed £150 million.—[Mr. MacDermot.]

10.10 p.m.

Sir Harry Legge-Bourke (Isle of Ely)

Theres is only one question which I want to ask on this Money Resolution, and I shall be very brief.

In reply to the debate, the Minister of Technology said that he saw the Corporation taking a major part in applying modern techniques to industry. There is already a body which does that to a certain extent, namely, the National Research and Development Corporation. We in Parliament have voted that Corporation permission to take out loans up to £25 million. Can we be told whether in future years there is to be a separation of the money used for this purpose of applying technology

As the Resolution stands, it appears that the new Corporation would be able to have £150 million. Will that continue to be in addition to the £25 million which the N.R.D.C. is allowed to employ? Most of us would feel that the work done by the N.R.D.C. has been so excellent that it would be a great pity if any inroad were made into its work, and I hope that we can have an assurance that the £150 million will be in addition to the money for N.R.D.C. and that the financing of N.R.D.C. will be kept entirely separate.

The Minister of State, Department of Economic Affairs (Mr. Austen Albu)

My right hon. Friend the Prime Minister was very glad to hear the remarks of the hon. Member for the Isle of Ely (Sir H. Legge-Bourke) about N.R.D.C. The hon. Gentleman will understand that this Resolution refers only to the Bill and does not affect the funds available to N.R.D.C. in any way.

Question put and agreed to.

Resolution to be reported.

Resolution to be received Tomorrow.