59. Mr. Gresham Cookeasked the President of the Board of Trade why he is proposing to remove at the end of 137W the current financial year the countervailing subsidy on Formula I and Intercontinental Formula racing cars which has been available since 1950 and of assistance to small companies competing in Grand Prix and other motor races.
§ Mr. N. MacphersonMy right hon. Friend does not consider that in present circumstances it would any longer be justifiable to maintain the special concession of a refund of purchase tax on racing cars; the motor industry will no doubt be prepared to give motor racing their support to the extent that they consider would be warranted by the benefits which it would bring to the industry.