§ 39. Mr. Waddington
asked the Chancellor of the Exchequer what was the total cost of investment grants for industary during the year 1967–68; and what was the total cost to the Exchequer of investment allowances to industry during 64W the last full year for which investment allowances were in operation.
§ Mr. Diamond
The answer to the first part of the Question is£315 millon, and, to the second part,£323 million in respect of investment incurred in 196465. These figures are not comparable because the present tax allowances are restricted to the cost of the assets after deduction of the investment grants, whereas investment allowances were given in addition to depreciation allowances over the life of the asset on the full cost.