§ 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 whether they have considered the proposals for the control of multinational companies submitted by the Trade Union Advisory Committee to the Organisation for Economic Co-operation and Development at its meeting on 26th March 1975, and if so, what conclusions have they reached.
§ The MINISTER of STATE, DEPARTMENT of INDUSTRY (Lord Beswick)My Lords, the paper prepared by the Trades Union Advisory Committee to the OECD is an extensive document containing a large number of interesting ideas and proposals and I am sure it will 2 provide a valuable contribution to the work in OECD on multinational enterprises, and in shaping the thinking of Her Majesty's Government. Unfortunately, the paper was received only very shortly before a meeting of the TUAC Liaison Committee of the OECD; nevertheless the noble Lord might be interested to know that discussion at the meeting was lively and it was generally felt that a useful exchange of views on the issues raised took place.
§ Lord BROCKWAYMy Lords, I thank the Minister for what he has said and welcome that reply. In view of the fact that the multinational companies are transferring capital from one country to another in order to exploit different labour conditions and to evade taxation, is not the proposal of the Trades Union Advisory Committee, that there should be a code of conduct and control of investment for these purposes, worthy of consideration by the Government?
§ Lord BESWICKMy Lords, a number of allegations of that kind are made, and what is important is to get at the facts. A good deal of study is now being done on this subject and I agree with the noble Lord that this is important.
§ Lord BROCKWAYMy Lords, would the Minister say when it is likely that some conclusions will be reached on this matter, so that we may ourselves reach a conclusion?
§ Lord BESWICKMy Lords, I doubt very much whether there will be a conclusion within the foreseeable future on 3 the whole range of matters touched on by this very extensive report. But to some extent there will be safeguards in the Industry Bill, and others in the Employment Protection Bill, which we shall be considering later this year.
Lord BRUCE of DONINGTONMy Lords, would my noble friend inform the House whether Her Majesty's Government have any special means of monitoring the transactions that take place across the exchanges, which may have a profound effect on the value of the pound expressed in terms of other currencies?
§ Lord BESWICKYes, my Lords. There are certain ways in which information is received, and of course the Inland Revenue has a very direct interest in this.