§ 19. Mr. EadieTo ask the Chancellor of the Duchy of Lancaster when he expects Britain to have a trade surplus in information technology.
§ Mr. NewtonIt is not possible to make a prediction of the kind that the hon. Member seeks. What is important is that the Government's economic policies have led to record levels of productivity, output and investment and have helped to attract companies like Fujitsu, which will provide a major boost to our balance of trade in information technology through both exports an import substitution.
§ Mr. EadieI thank the Minister for his answer but would it not have been better, in all candour, for him to have said "unlikely"? Since, in reply to a similar question, the Minister made it clear that the Government policy was to make Britain attractive to foreign investment, and since we are told that there is a lot of footloose capital and industry in this country which apparently prefers to invest abroad rather than in Britain, how does that square with the Minister's policy that he has enunciated to the House?
§ Mr. NewtonI see no inconsistency whatever. Not only are a lot of people from overseas investing here, as has become clear in recent weeks, but there has been a substantial increase in the rate of investment by Britons in manufacturing industries and in other sectors. Our aim is to make the whole country a good place to invest in for foreigners and those already here, and we have succeeded in that.