National Enterprise Board (Hansard, 1 July 1974)

§ 12. Mr. Ridley
asked the Secretary of State for Industry what estimate he has made of the cost of the operations of the proposed National Enterprise Board in terms of compensation for assets acquired.

§ Mr. Heffer
I must ask the hon. Member to await the announcement of the Government's proposals.

§ Mr. Ridley
Is the hon. Gentleman aware that time is running out for the British economy and that every pound of lousy printed money he gives in compensation will bring closer the demise of the economy? Is he further aware that this is not the time for boy scout Fabianism of the sort that the Government are undertaking?

§ Mr. Heffer
I did not know that I was a boy scout Fabian, but I do know that I am a Minister of Her Majesty's Government and that that means that once the proposals are totally formulated 20 they will be placed before the House. The hon. Gentleman and his right hon. and hon. Friends should not exaggerate the situation and cause the precise lack of confidence about which they are complaining.

§ Mr. Skinner
When the Government draw up their proposals, will they take into account the resolution of the National Union of Mineworkers this week, dealing with the takeover by the National Coal Board of all the manufacturing of mining equipment, especially in view of the massive amounts of money which have been milked out of the NCB and from the ribs of the miners by the roof support manufacturers, as evidenced in the Select Committee report last week? If there is any question of compensation, would it not be a good idea to use the £74 million which it is suggested has been made in excessive profits by the roof support manufacturing firms out of the NCB?

§ Mr. Heffer
I am sure that my right hon. Friend the Secretary of State for Energy will take note of the decisions of the NUM, both on this and other points. We have not yet put to the House our proposals about compensation, and I ask all hon. Members to await those proposals before they make all sorts of statements, exaggerated or otherwise.

§ Mr. Viggers
Is the hon. Gentleman aware of the value to this country of investment by foreign companies? Is he aware of the massive amount of damage which is being done to the confidence of foreign companies which may be contemplating investment here?

§ Mr. Heffer
On a number of occasions Ministers have met representatives of foreign companies which wish to come to this country, and I can assure the hon. Gentleman that they have not been discouraged from investing here. In relation to this matter the present Government are pursuing much the same policy as the last Government did. Hon. Members may shake their heads, but that is the situation. The hon. Member for Gosport (Mr. Viggers) should understand that we also wish to rely on our own efforts in this country to deal with our own problems, and the way to do that is to come forward with our proposals, such as the establishment of a National 21 Enterprise Board and planning agreements.