§ Question proposed, That the clause stand part of the Bill.
§ Mr. RidleyI had hoped that the right hon. Member for Orkney and Shetland (Mr. Grimond) would be here, as he has urged measures of this kind and I am sure that in the twilight of his parliamentary career he will be pleased to see this provision made. The clause enables employees to receive tax relief on interest paid on loans to buy shares in an employee-controlled company as part of an employee buy-out.
There are one or two problems with regard to the clause which I believe would benefit from fuller examination in Committee. I am sure that this Government will take a suitable opportunity in the future to return to various suggestions for improving the clause. I do not wish to give the impression that our minds are closed to future improvement, but I am sure that it is better that the provision should be on the statute book in the meantime as some employees may have the opportunity to buy out their company, to form genuine worker-controlled companies and to profit and prosper thereby, which will be good for jobs, good for property ownership and good for the economy.
§ Question put and agreed to.
§ Clause 27 ordered to stand part of the Bill.
§ Clause 28 ordered to stand part of the Bill.
§ Clause 29 disagreed to.