Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 3 May 1954.

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Photo of Mr Frederick Lee Mr Frederick Lee , Newton 12:00, 3 May 1954

Much of the debate has, naturally, been concentrated upon the investment allowance and the rate of investment in British industry compared with that in other nations which compete with us industrially. I agree with what was said by the hon. Member for Kidderminster (Mr. Nabarro). I was a little alarmed at the figures which he gave of investment per worker in a number of nations which compete with us, but, as he said, it was an approximate estimate, and one might be able to riddle the argument if one had more information. Nevertheless, it has been proved that the rate of investment in our own industries is disappointing. In his Budget speech, the Chancellor stressed his disappointment about this after the two Budgets which he has presented with the object of encouraging more investment in industry. My hon. Friend the Member for Sowerby (Mr. Houghton) mentioned Mr. Wincott's remark that we must work our plaint harder and replace it sooner. I agree with Mr. Wincott in what he said about replacing it sooner.

The Parliamentary Secretary to the Ministry of Labour may not agree with what I am going to say now, because he has great experience of the machine tool industry, just as I have; but I believe there is something to be said for our machine tool industry looking at its methods of production and not being quite so concerned that its products should last quite so long.