§ Mr. Sheldonasked the Chancellor of the Exchequer what would be the cost of reducing the period of payment of investment grants to 15 months, 12 months, nine months, six months, and three months, respectively.
§ Mr. JayI have been asked to reply.
The acceleration of payment of investment grants would [...] in itself increase the cost of the scheme in the long term. The additional cost that would arise in any given financial year would depend on the amount of acceleration undertaken in that year. At 1966 levels of investment it would, for example, cost about £60 million to accelerate payments by three months in the next financial year.
§ Mr. Bruce-Gardyneasked the President of the Board of Trade what estimate he has made of the value of investment grants to be paid in the financial year 1967–68.
§ Mr. JayThe total net estimate is £166 million as shown in the Vote on Account presented to the House on 15th February.