§ 37. Mr. Stratton Mills
asked the President of the Board of Trade what was the amount of direct United States investment in Great Britain in each of the last three years and from Organisation for Economic Co-operation and Development or other sources; and what was the amount of United States investment in the Common Market countries in the same period.
§ Mr. Stratton Mills
Do these figures show that the United Kingdom has fallen behind in its share of American investment? Is there any evidence to suggest that, if this country were successful in entering the E.E.C., industrial investment by the Americans in this country, particularly in development areas, would show a substantial increase?
§ Mr. Hugh Jenkins
If the wish of the hon. Member for Belfast, North (Mr. Stratton Mills) were fulfilled, would it not increase the degree of American control over British industry? Would not this 540 be the opposite of what hon. Members opposite wish?
§ Mr. Patrick Jenkin
Does not the right hon. Gentleman recognise that the wish of the hon. Member for Putney (Mr. Hugh Jenkins) is being frustrated by the double taxation arrangements whereby it is more profitable for an American company to invest in this country than it is for a British company?
§ Following is the information:
§ The figures are taken in part from British, and in part from United States statistics, which are compiled on different bases. For investment in the United Kingdom, the United States figures differ from ours, principally because a deduction is made in respect of investment which is in turn made overseas by the British subsidiaries of United States companies, and because transactions may be recorded in different years.
|OVERSEAS PRIVATE DIRECT INVESTMENT IN THE UNITED KINGDOM*|
|(Board of Trade statistics)|
|Country or area of investor||1963||1964||1965||1966|
|Other member countries of OECD||55||43||52||…|
|*Excluding investment in the oil and insurance industries.|
|… = Not available.|
|UNITED STATES PRIVATE DIRECT INVESTMENT OVERSEAS|
|Common Market Countries||588||807||814|
§ Source: U.S. Department of Commerce.