HC Deb 23 February 1970 vol 796 c806
19. Mr. Kenneth Baker

asked the Minister of Technology how much the Industrial Reorganisation Corporation will lend to industry in 1970

Mr. Benn

The nature of the I.R.C.'s work makes it difficult to forecast its needs with precision. But the hon. Member will find in the White Paper "Public Expenditure 1968–69 to 1973–74" (Cmnd. 4234) that the estimate for the financial year 1970–71 is £34 million.

Mr. Baker

Is the Minister satisfied that this money will be well invested, bearing in mind…Yes, I will have a glass of water, please. Because of the irritation in my throat, I will circulate my supplementary question.

Mr. Benn

I think it is clear that the hon. Gentleman's supplementary question came from his heart. There was no evidence of its coming from anywhere else.

We are satisfied that the contribution made by the I.R.C. in helping with restructuring and in support of industrial expansion is a very sound investment, and there is a great deal of practical evidence to support that view.

Sir K. Joseph

Is it expected that there will be any more episodes like the recent one when the I.R.C. solemnly lent money to the wealthiest company in the country, I.C.I., to help restructure some part of the industry with which I.C.I. was involved?

Mr. Benn

The right hon. Gentleman will have to make up his mind whether he believes, as is said very often by himself and his hon. Friends at the weekends, that industrialists should be brought into participate in Government decision-making. We decided that we would establish the I.R.C. and then ask a very distinguished body of industrialists quite independently to decide what projects they would support. It is no good saying that we should bring businessmen into Whitehall and then, when we devolve responsibilities on these industrialists, saying it is totally wrong.

Mr. Speaker

Mr. Baker, Question No. 20—we hope.