HC Deb 26 January 1970 vol 794 cc975-6
3. Mr. Maker

asked the Minister of Technology if he will give, for each of the first three quarters of 1969, his estimate of the value at constant 1963 prices of investment in manufacturing industries and in the distributive trades, respectively.

The Joint Parliamentary Secretary to the Ministry of Technology (Mr. Alan Williams)

The following is the information: for manufacturing industry, £306 million, £343 million and £371 million; for the distributive trades, £85 million. £82 million and £85 million.

Mr. Blaker

Will the Minister confirm that those figures mean that, at an annual rate, investment in these fields is now running at more than £400,000 less than the national plan targets?

Mr. Williams

The hon. Gentleman will know that, in so far as investment is a top priority, top priority has had to be given to investment in manufacturing industry for export purposes.

Sir Ian Orr-Ewing

Is the Minister aware that the O.E.C.D. Report says that capital investment in British manufacturing industry is about half the rate of that of our competitors in Western Europe? Is not this a terrible condemnation of the Government's economic policy?

Mr. Williams

The hon. Member will know that this is a situation which has existed for a considerable time. He will see from the Order Paper that there is a later Question dealing with this matter.