2. Churchillasked the Secretary of State for Industry what plans the Government have for taking into public ownership industries or firms other than those listed in the Gracious Speech.
§ Mr. BennThe Government's proposals for the extension of public ownership were set out in the White Paper on The Regeneration of British Industry.
§ Mr. ChurchillCan the Secretary of State say what estimates the Government have made of the cost of the proposals for public ownership announced by the Government?
§ Mr. BennAs the hon. Gentleman knows very well, there are two answers to his question. One is that it depends upon the pace at which public ownership proceeds. Secondly, it depends on the basis of compensation in the industries that are specifically to be acquired. He will also know, because it is well established, that the cost of acquiring an asset is not set against current taxation.
§ Mr. Kilroy-SilkWould my right hon. Friend also make an estimate of the cost of low investment, low productivity and low wages to the workers in the industries concerned? Would he also make an estimate of the cost to the country as a whole of the inefficiency of British industry?
§ Mr. BennWe are debating this matter all day today and I think that my hon. Friend is right in saying that the progressive relative industrial decline of this country as a manufacturing nation over the past 25 years has involved an appalling waste of resources and has led to much of the unemployment with which we have had to deal. One has to set all these costs one against another.