HC Deb 23 March 1978 vol 946 cc741-2W
Mr. Kenneth Clarke

asked the Chancellor of the Exchequer whether it is the policy of the Government to support the proposal that the European Commission should be empowered to raise loans in order to finance structural investment projects in member countries with a special bias in favour of regional development; whether the Government accept that investment would be made directly by the Commission without control by national Governments and with no national quotas; and whether he will make a statement.

Mr. Joel Barnett

The Government support the principle embodied in the draft decision currently before the Council that a scheme should be established for the European Commission to raise loans to be on-lent through the European Investment Bank for investment within the Community. The draft decision does not provide for investment to be made directly by the Commission, nor does it provide only for structural investment projects.