§ 27. Mr. Rankinasked the Secretary of State for Scotland if he will state the amount of investment in plant and machinery in Scotland for the first half of 1969; and how this compares with the same period in 1968.
§ Mr. RossHalf-year figures are not available; the amount of investment in plant and machinery in Scotland in 1968 will be published in the October issue of the Digest of Scottish Statistics.
§ Mr. RankinI am sorry that my right hon. Friend has imparted so little information. I had read that there was a fall in investment over last year, but, as one may assume at least constant investment, should not one expect the population, instead of shrinking, as it appears to be doing, to begin to show an increase, too?
§ Mr. RossI think that my right hon. Friend is referring to a survey by the C.B.I. which referred to the possibility of a fall in relation to plant and machinery.
§ Mr. RankinYes, I am.
§ Mr. RossThe same survey suggested that there would be a proportionate increase in investment in buildings. It is a very complex business, and expectations are not always borne out by facts. We shall need to watch the matter. Population is being held at the moment.
§ Mr. YoungerIs not this anxiety about a fall in investment a very serious matter for the Scottish economy? If it is, does it not indicate that R.E.P. is not doing what the Secretary of State claimed it could do; namely, increase investment in machinery?
§ Mr. RossIf the hon. Gentleman looks at the statistics on plant and machinery published by the Board of Trade and at the published Scottish statistics, he will find that, compared with the time when the Conservative Party was in office, every year has been a record year for investment in plant and machinery under the Labour Government. I am glad to say that the figures for 1968, which will be published later, will show an improvement over the previous year.