§ 22. Mr. Dempsey
asked the President of the Board of Trade what percentage of industry in the United Kingdom economy is owned and controlled by United States interests; and in what way he estimates that this trend will develop within the next few years.
§ Mr. Dempsey
American industrialists are good employers and we want factories in development areas, but can my hon. Friend say whether any initiative will be launched to encourage our own domestic industry to expand to a greater extent?
§ Mr. Patrick Jenkin
Will the Minister point out to his hon. Friend the Member for Coatbridge and Airdrie (Mr. Dempsey) that he cheerfully supported the Corporation Tax system, which makes British industry a sitting duck for American intervention? Will he make representations to the Chancellor of the Exchequer to change the tax system?
§ Mr. Dell
I do not know that the rate of American take-over of British firms is any higher now than it was under the Government of hon. Members opposite. Certainly the Government have powers of control in cases where they feel that it would be contrary to the national interest for there to be a take-over.