§ 3.16 p.m.
§ Lord BROCKWAYMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government what consideration is being given to the need to establish supranational authorities to control the effects on national economies, revenues, industrial relations and freedoms of the 466 growth of supranational profit-making corporations.]
§ Lord BESWICKMy Lords, I agree that the growth of international companies is a matter of considerable interest and importance. Those sections of international companies which are resident in the United Kingdom are subject to the requirements of United Kingdom legislation, including exchange control and fiscal legislation. The establishment of supranational authorities is a matter for consideration in a much wider context.
§ Lord BROCKWAYMy Lords, I appreciate that Answer. Does my noble friend recollect the recent Statements made in this matter both by the President of the Board of Trade and by the Minister of Technology? And is there not a great danger that the supranational corporations may destroy the whole policy of balance of payments and, indeed, evade national taxation?
§ Lord BESWICKMy Lords, I know of the statements that are made. [also recall the speech that was made in this House by the noble Lord, Lord Hirsh-field, on June 11 of this year. This concentration of economic power is a most extraordinary development. I still say that, so far as fiscal and taxation matters are concerned, we in this country already have adequate powers to deal with the situation. There are wider issues and they are for continual discussion. I am glad that the noble Lord ventilated the problem.