HC Deb 19 March 1969 vol 780 c486
33. Mr. Emery

asked the President of the Board of Trade what is his estimate of the investment in manufacturing industry since 1966 which has arisen directly from the introduction of investment grants.

Mr. Dell

The influence cannot be separately measured.

Mr Emery

Does the Minister realise that the capital expenditure between 1966–67 decreased in manufacturing industry, and decreased again between 1967–68? How does the Minister hold to the statements he made earlier today, that investment grants are a major incentive to increasing investments in manufacturing industry?

Mr. Dell

The decline in manufacturing investment during that particular cycle was a great deal less than in the previous cycle. This is very probably attributable to the 5 per cent. supplement allowed in 1967–68. It is interesting that the C.B.I. for example, although it has made it clear that it does not support the investment grant system, nevertheless asked for a continuation of the supplement to encourage investment.

Mr. James Davidson

Would the right hon. Gentleman say how many investment schemes have been initiated under the Industrial Expansion Act, 1968, by competent authorities—or incompetent authorities?

Mr. Dell

This is an entirely different question. Speaking from memory, I think that there are two, one in respect of the computer industry and one in respect of the aluminium smelter industry.