§ 3. Mr. Rookerasked the Secretary of State for Trade what was the value of 4 imported motor components in the last year for which figures are available.
§ The Under-Secretary of State for Trade (Mr. Eric Deakins)£124 million in 1973.
§ Mr. RookerI thank my hon. Friend for that reply. Is he aware that British component manufacturers such as Lucas Industries are contributing to this high figure because of their vast increase in investment in the Common Market instead of in the United Kingdom in recent years?
§ Mr. DeakinsI am well aware that there has been a tremendous increase in investment in Common Market countries in the last few years. However, the argument for restricting United Kingdom investment abroad is not made out to the satisfaction of my right hon. and hon. Friends and myself. While it is possible that the establishment of United Kingdom factories overseas could lead to the import of items which could be produced here, the consideration is balanced so far by investment in the United Kingdom.
Mr. Geoffrey FinshergDoes the Minister agree that if the component manufacturers had had fewer strikes in the past few years there would have been less need to import products from other countries?
§ Mr. DeakinsI do not believe that this country's industrial relations record is any worse than that of any of our major overseas competitors.