§ 12. Mr. McQuarrieasked the Secretary of State for Industry if he will introduce legislation to abolish the National Enterprise Board.
§ Mr. TebbitI have no plans to do so.
§ Mr. McQuarrieDoes my hon. Friend accept that that is a disappointing reply in view of the NEB's shocking record? Does he agree that massive sums are being spent by the board on non-productive and non-profitable enterprises? Does he agree that the money would be better spent on indigenous industries which require money for further investment in new machinery in order to create more employment?
§ Mr. TebbitMy hon. Friend's remarks would have been truer a while ago. The National Enterprise Board is still the mechanism through which funding for British Leyland is channelled. Apart from that, its duty is now to dispose of the assets which it inherited as best it can, to the best benefit of the British taxpayer. It is well on the way with that. Its job is also to encourage certain high technology investments in partnership with private sector investment.
§ Mr. John GarrettDoes the Minister agree that the National Enterprise Board has been shown to be highly successful in promoting investment in high technology industries such as ICL and Ferranti? Does he agree that that role is still essential? Will he state that the Government intend to support the National Enterprise Board in high technology areas where clearly private enterprise has no interest?
§ Mr. TebbitThe hon. Gentleman would have done better had he not chosen to make a sneering attack on private enterprise, which is responsible for the mass of investment in high and low technology in Britain. The hon. Gentleman should not do his best to write down British industry in that way. I have nothing to add to what the Secretary of State said recently when he made the remit of the National Enterprise Board plain and said that it had a role in investing in high technology in partnership with private sector industry.