Industrial Reorganisation Corporation

HC Deb 09 February 1967 vol 740 cc1808-9

6. Mr. Wingfield Digby

asked the First Secretary of State and Secretary of State for Economic Affairs on what other occasions besides the case of Rootes he has insisted on the Industrial Reorganisation Corporation making an advance, without leaving the initiative to the Corporation.

Mr. M. Stewart

The Industrial Reorganisation Corporation Act does not give me power to insist that the Corporation should make particular investments.

Mr. Digby

Is it not a fact that it was made perfectly clear that the right hon. Gentleman has put a lot of pressure on the Corporation already? Does he think that it is the best way to launch the Corporation to make it appear the mere creature of his Department?

Mr. Stewart

The hon. Gentleman says, first, in his Question that I "insisted", which is not true and which could not be true. Now he says that I have put pressure on the Corporation, which again is incorrect. In accordance with my powers under the Act, I made a request which it was open to the Corporation to refuse or accede to. It was its own choice to accede to it.