§ Lord BARNBY
asked Her Majesty's Government:
Whether they will explain why it is proposed to give subsidies to shipbuilding companies as against other industries normally sustaining large numbers of employees and which are also subject to heavy pressure from lower costs competition.
§ Lord WINTERBOTTOM
The purpose of the Intervention Fund is to alleviate the industrial and social effects of the world shipbuilding crisis. Without this immediate Government assistance much of the merchant shipbuilding would close within two years with heavy unemployment. This would be unacceptable to the Government. The assistance is to form part of a longer-term strategy of modernisation and rationalisation following upon public ownership.
House adjourned at twelve minutes before ten o'clock.