HC Deb 25 June 1968 vol 767 cc240-1
Q4. Mr. John Fraser

asked the Prime Minister what is the policy of Her Majesty's Government on the extension of public ownership as a contribution towards their policy of import substitution.

The Prime Minister

Her Majesty's Government are prepared to support any measures, whether within public or private ownership, which contribute to this end, provided that they are fully consistent with our international obligations.

Mr. Fraser

Would my right hon. Friend agree that the present level of imports shows that private enterprise has not responded to the policy of import substitution, despite all the incentives available? Will the Government redouble their effort in public enterprise to show private enterprise what can be done?

The Prime Minister

I think my hon. Friend will see from the evidence that a number of firms in private enterprise have taken rapid advantage of the new competitive situation as regards import saving. By far the most spectacular results have been achieved in export orders, but I would not underrate what a large number of firms, both in the private and public sphere, have done in the matter of import saving.

Mr. Heath

Is the right hon. Gentleman aware that since the nationalisation of the steel industry, imports of steel have gone up, have nearly doubled, and that exports have gone up by only a comparatively small, certainly a lesser, amount? Is not this a strange contribution towards import substitution?

The Prime Minister

The right hon. Gentleman will be aware that in the last few months, particularly since steel was nationalised, there has been a period of excess steel supplies throughout the Western world. There have been suggestions of dumping, and these will be looked into.