HC Deb 20 November 1973 vol 864 cc1124-5
Q3. Mr. Meacher

asked the Prime Minister if he will transfer responsibility for economic affairs to himself.

The Prime Minister

I refer the hon. Gentleman to the reply which I gave to the hon. Member for Birmingham, Northfield (Mr. Carter) on 6th November.—[Vol. 863, c. 123.]

Mr. Meacher

In view of the Prime Minister's keenness for expansion, may I ask whether he is aware that last year industrialists and financiers showed what they thought of his policy by generating no capital outflow over and above the total capital inflow of more than £500 million? When he exhorts workers to let profits rise to promote job expansion and growth, ought not he to mention that he means not at home, but abroad?

The Prime Minister

I should have thought that it had for long been accepted that one of the strongest parts of the economy is invisibles from our investments overseas that enable us greatly to increase our visible exports because partly-made goods can then be exported to the factories that we have overseas and greatly increase our trade. This has been going on since the war between the Governments of all industrial and developing countries, and we should take the utmost advantage of it.

Mr. More

Is not an important part of expansion increased investment in new buildings, plant and machinery? Are not the prospects for this year good, and is it not possible that 1974 might be a record year in this all-important sphere?

The Prime Minister

Yes, that is true. Those are some of the facts which I tried to bring out in the debate yesterday.

Mr. Ashton

When the right hon. Gentleman was President of the Board of Trade in 1964, Labour won the ensuing General Election. In 1965, when the right hon. Gentleman was Leader of the Opposition and in charge of economic affairs, we went on to get a bigger majority in 1966.

Mr. Redmond

What about 1969?

Mr. Ashton

Will the right hon. Gentleman now take charge of them again?

The Prime Minister

The hon. Gentleman omits 1970.

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