§ 4. Mr. Knoxasked the Secretary of State for Industry if he is satisfied with the current level of investment in manufacturing industry.
§ The Under-Secretary of State for Industry (Mr. Bob Cryer)I am pleased that manufacturing industry increased its investment substantially during last year. This represents encouraging progress towards the levels of investment I would like to see.
§ Mr. KnoxWhen does the Minister expect that investment in manufacturing industry will rise to the level of 1974? Does he agree that if it is to get back to that level there will have to be a substantial increase in the demand for the products of manufacturing industry?
§ Mr. CryerWhile we would like to see the level of investment increase, I must tell the hon. Gentleman that the 1977 level was superior to that of 1972 and 1973, years when the Conservative Government were in power and when, as the hon. Gentleman will no doubt recall, the then Prime Minister called on industry to invest more and pointed out that the Govment had given every inducement to private enterprise to invest but it was still not investing.
§ Mr. AshleyWhen considering the current level of investment in manufacturing, will my hon. Friend bear in mind that North Staffordshire has been very gravely damaged by the crass incompetence of the British Steel Corporation and that the workers have been betrayed by the broken promises of the BSC? When considering inducements to investment, will he bear in mind the situation in North Staffordshire and consider inducements to help new industry go to that part of the country?
§ Mr. CryerMy right hon. Friend is seriously considering the representations that my hon. Friend and his accompany- 1002 ing delegation made last week. My hon. Friend can rest assured that we recognise the serious position he represented and that his representations will be taken into account.