asked the Chancellor of the Exchequer if he will issue general directions to the nationalised industries for which he is responsible to finance capital developments in those in- dustries in the private investment market, rather than by price increases.
It has been Government policy for many years that the nationalised industries should borrow long term only from the Exchequer and that the industries should contribute a substantial proportion of their new capital requirements from their own earnings. My right hon. Friend is reviewing nationalised industries' borrowing arrangements but is not yet ready to make a statement on this subject.
Is it not iniquitous that old age pensioners and others who cannot afford it should be forced to contribute to expensive capital requirement, such as has happened with the electricity industry, when there has been a 10 per cent. price increase?