§ 14. Mr. Ridley
asked the Minister of Transport what new capital investment per annum he envisages for the nationalised docks industry.
§ Mr. Ridley
I am grateful for those figures. Would not the right hon. Gentleman agree that, now that the Chancellor of the Exchequer has stated that there will be no more borrowing by the Exchequer, this sum represents a straight addition on taxation? Would it not be more reasonable to postpone nationalisation of the docks for ever?
§ Mr. Michael Heseltine
Does not the right hon. Gentleman agree that there is no need for the Government to be providing this investment and that Portbury could easily have been financed by the citizens of Bristol without Exchequer help?
§ Mr. Marsh
All I did was to use powers provided in the Docks and Harbours Act, of which the Opposition were in support at the time. There really is no difference between investment direct from the Exchequer and investment 957 which comes from a local authority or a public trust. In both cases, it is public investment.