§ Mr. Bruce-Gardyneasked the Minister of Technology to what extent he enters into binding commitments with individual companies to pay investment grant on assets prior to the purchase of those assets; and at what stage such commitments become binding on him.
§ Mr. VarleyThe Government have advised industry generally in a guidance booklet, and particular firms on request, of the types of capital expenditure which may qualify for investment grants. Applications for grant however, unlike those
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Gross Fixed Capital Formation Year ended Private sector less dwellings Public sector less dwellings Financial Year Investment Allowances Investment Grants (total both sectors) £million £million £million* £million† 30th June, 1960 … 1,840 1,371 1959–60 42 30th June, 1961 … 2,118 1,479 1960–61 114 30th June, 1962 … 2,281 1,505 1961–62 172 30th June, 1963 … 2,204 1,202 1962–63 222 30th June, 1964 … 2,362 1,473 1963–64 209 30th June, 1965 … 2,723 1,620 1964–65 275 30th June, 1966 … 2,863 2,322 1965–66 357 30th June, 1967 … 2,946 2,700 1966–67 255 30th June, 1968 … 2,910 3,009 1967–68 85 315 30th June, 1969 … 3,366 2,898 1968–69 14 475 (provisional) * Figures relate to tax relieved by the allowances on expenditure incurred in accounts ended in the previous financial year; the public sector did not benefit from these allowances. †Included in the figures of grants in this column are £2 million and £27 million (Provisional) paid to the public sector in 1967–68 and 1968–69, respectively. under the Local Employment Acts, can only be made after capital expenditure has been incurred and I do not enter into contractual agreements with individual firms as it done under these Acts.