§ Q5. Mr. Ridleyasked the Prime Minister if he will instruct Ministers not to initiate any more nationalisation schemes.
§ The Prime MinisterThe hon. Gentleman misunderstands the constitutional basis of Government in this country. Policy matters are, and have long been, decided by the Government collectively and are not the subject of "instructions" from me, any more than they have been the subject of "instructions" from my predecessors.
§ Mr. RidleyDoes the Prime Minister agree with the nine leading economists who wrote to him today saying that the Transport Bill, the Transport Holding Bill and the Industrial Expansion Bill will together put £350 million extra expenditure on to public funds? If he does not agree with that figure, what figure does he believe it will be?
§ The Prime MinisterI do not agree with the figure estimated by the nine leading economists. The hon. Gentleman, will, no doubt, have an opportunity, insofar as his remarks will be in order, to discuss this matter later today.
§ Mr. MendelsonWill my right hon. Friend bear in mind that with the continuing trend of mergers, sometimes with Government encouragement, and the near-monopoly position of certain firms in certain industries, it is most important in future to strengthen public control and public ownership so that the people may get a return on the investment that they are making in private firms?
§ The Prime MinisterI dealt with certain aspects of the merger situation in answer to supplementary questions last week. I do not think that my hon. Friend's remarks arise on this Question or, indeed, out of these mergers. Where public money is lent, whether or not on mergers, there are now facilities for ensuring that we can get a proper return on the money lent, not excluding the use of equities where appropriate.
§ Mr. MaudlingMay I refer the right hon. Gentleman to the original Question? Accepting the need for economy in public expenditure and the difficulty which the Government are experiencing in making that economy, cannot the Prime Minister give my hon. Friend the Member for Cirencester and Tewkesbury (Mr. Ridley) an estimate of the cost to public funds, on current and capital account, of the nationalisation proposals during this Session?
§ The Prime MinisterIf the right hon. Gentleman will table a Question to that effect, I will see that one of my right hon. Friends gives the figures necessary to get rid of his fallacies on this issue. As for the difficulties of getting cuts in Government expenditure, the right hon. Gentleman must not under-rate the importance of the fact that his party voted against nearly every proposal we made for cuts in expenditure in January.