§ 8. Mr. Biffenasked the Minister of Overseas Development what was the estimated transfer of private capital from the United Kingdom to developing countries during 1966; how this compares with the corresponding figure for 1965; and what proposals he has for encouraging a greater flow of private capital to the developing countries.
§ Mr. OramAn estimate for 1966 is not yet available. The Government recognise the importance of the flow of private capital to developing countries and have taken this into account in the measures adopted during the past 12 months to strengthen the balance of payments.
§ Mr. BiffenWhilst I appreciate that the figures for 1966 might not yet be available, surely the hon. Gentleman must have some idea of the significance of the flow of private capital investment and the effect that there has been upon it from the Corporation Tax?
§ Mr. OramThe hon. Member will recall that my right hon. Friend the Chancellor of the Exchequer indicated that he would keep the Corporation Tax under constant review and consider what action would be taken if an adverse situation developed unexpectedly.