§ Mr. Peytonasked the Chancellor of the Exchequer whether he will issue a special instruction to the Capital Issues Committee regarding the provision of finance for the construction of an amusement tower in Battersea Park.
§ Mr. H. MacmillanIf the promoters need to raise fixed capital beyond £10,000 they will have to apply to the Treasury through the Capital Issues Committee for the necessary consent. I cannot anticipate the Committee's advice, but as the House knows, the Committee has been asked to recommend consent only where it is satisfied that the purpose is urgent under current requirements.
If the project is to be financed out of the promoters' own resources, the law requires no consent to be obtained, but as I explained on 17th February, in such a case the promoters should themselves apply the same tests as if the money had to be borrowed.
As was made clear by my right hon. Friend the Minister of Housing and Local Government in his reply of 26th June, the grant of planning permission does not imply that the expenditure is desirable. In the present economic situation, the construction of this tower is eminently a project which, in the opinion of the Government, should be postponed.
I hope that this will be understood and accepted both by those who are considering building the tower and also by those who might be concerned whether directly or indirectly in providing the finance for it.