HC Deb 27 June 1967 vol 749 cc249-50
Q1. Mr. Bruce-Gardyne

asked the Prime Minister if he will place in the Library a copy of his public speech to the Confederation of British Industry on 17th May on manufacturing investment.

The Prime Minister (Mr. Harold Wilson)

I did so on 25th May, Sir.

Mr. Bruce-Gardyne

Very interesting, but in view of the Board of Trade's latest forecast showing no expectation of a recovery in private manufacturing investment before the end of 1968 at the earliest, can the Prime Minister explain why his frequent bromides about manufacturing industry have so little effect?

The Prime Minister

I think the hon. Gentleman will agree that, compared with the very gloomy predictions that were made about investment in the autumn, there has been a considerable pick-up of investment in recent months, and I think that there is wide evidence, not least the latest C.B.I. survey, that there is a more optimistic feeling that investment will pick up further.

Mr. David Watkins

There is particular need for the sort of investment in the development areas to which my right hon. Friend referred in his speech, but would he agree that such investment in the development areas is not likely to take place without Government intervention?

The Prime Minister

Unfortunately, I could not hear the opening words of my hon. Friend's supplementary question, but I caught what I think was the key part of it—about the development areas. The help we are giving the development areas with investment grants is on an unprecedented scale. In addition, we now have the decision about the regional employment premium, which is one of the best incentives for new development there that one could have.