HC Deb 23 May 1968 vol 765 c858
30. Mr. Arnold Shaw

asked the Secretary of State for Economic Affairs whether he is satisfied with the progress made by the Industrial Reorganisation Corporation in securing industrial organisation; and if he will make a statement.

Mr. Shore

As its first Report records, the I.R.C. has made impressive progress in its first 15 months in promoting industrial reorganisation and development. It has already established for itself a strategic rôle by acting as a catalyst for the structural change needed to strengthen our competitive position. The I.R.C. is led by a distinguished and experienced team and is able as an independent statutory body toenter into frank and confidential discussions with individual companies. I should like to take this opportunity of thanking the Corporation for its valuable work.

Mr. Shaw

Reference has already been made to the fine work of the Corporation during its first year, but does the Minister note one rather discordant feature, namely, the assertion of the view that the remedial action for improving the structure of industry has, to use its words, tended to be rather too slow? Could he make a comment on that?

Mr. Shore

So far as the I.R.C. has been able to influence mergers, it has proceeded as quickly as anyone could reasonably have expected considering that the Corporation was set up only 15 months ago. I think what the hon. Member is referring to is the comment in the report of the Corporation that there were many firms which with advantage could amalgamate but for various reasons they have not yet done so.

Sir J. Eden

How much public money has so far been invested or loaned by the I.R.C?

Mr. Shore

That is set out in the Report of the Corporation.