§ 34. Mr. Gregor Mackenzie
asked the Minister of Technology if he will make an early statement on the level of Government assistance to the shipbuilding industry.
§ Mr. Ridley
The Shipbuilding Industry Act 1967 provided for a capital injection into the industry of up to £20 million in grants and £32½ million in loans. It also enabled us to guarantee commercial loans up to a limit of £400 million outstanding at any one time for ships ordered by British shipowners from British yards. Shipbuilders are also eligible for 2 per cent. Shipbuilders Relief.
§ Mr. Mackenzie
Will the hon. Gentleman ignore the advice given him by some of his hon. Friends that further aid to Upper Clyde Shipbuilders would be economic nonsense? Bearing in mind the thousands of people who depend on U.C.S. for their livelihood, will he do all that he can to ensure its future as a viable concern?