§ Motion made, and Question proposed,
§ That, notwithstanding anything to the contrary in the practice of the House relating to the matters which may be included in Finance Bills, any Finance Bill of the present Session may contain provisions for amending paragraph 10 of Part II of Schedule 1 to the Trustee Investments Act 1961 and any enactment or instrument modifying that paragraph.—[Mr. Patrick Jenkin.]
§ 4.58 p.m.
§ Mr. J. Enoch Powell (Wolverhampton, South-West)I was surprised that my right hon. Friend the Chief Secretary to the Treasury moved this motion by nodding his head and chat, after the debate which has just taken place, he did not think that the House deserved even a few sentences by way of explanation of the motion and why the Government think it necessary to depart from the practice of the House in the matter of Finance Bills.
The suspicion of some of us has just been confirmed that the twisting of the 1290 procedure of the House to which we have just agreed has arisen out of our membership of the European Economic Community, but I hardly think that that can be the explanation in this case. It seems to me that the Government owe an explanation to the House of the urgency or, alternatively, of the oversight which necessitates the Trustee Investments Act 1961 being amended by a Finance Bill, contrary to the practice of the House.
§ 4.59 p.m.
§ The Chief Secretary to the Treasury (Mr. Patrick Jenkin)I assure my right hon. Friend the Member for Wolverhampton, South-West (Mr. Powell) that I intended no discourtesy and I willingly respond to his request. I concede at once that the need for the new clause was due to an oversight, and perhaps when my right hon. Friend has heard the explanation he will agree that it was a pardonable oversight, by the Government of one of the consequences of our reform of corporation tax.
Perhaps I need not go into detail now except to say that without New Clause 42, which this procedure motion is intended to make possible, there would be a danger that many of the securities of water companies would no longer be within the narrower range of securities authorised by the Trustee Investments Act 1961. I shall be able later to explain the precise details. I hope that my right hon. Friend will agree that that would he an undesirable result and that it is right that we should take this step, albeit at a somewhat late stage, to avert that danger.
§ Question put and agreed to.
§ Resolved,
§ That, notwithstanding anything to the contrary in the practice of the House relating to the matters which may be included in Finance Bills, any Finance Bill of the present Session may contain provisions for amending paragraph 10 of Part II of Schedule 1 to the Trustee Investments Act 1961 and any enactment or instrument modifying that paragraph.