Dividends

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 1st July 1969.

Alert me about debates like this

Photo of Hon. Nicholas Ridley Hon. Nicholas Ridley , Cirencester and Tewkesbury 12:00 am, 1st July 1969

asked the Chancellor of the Exchequer if he will now make a statement on Her Majesty's Government's intentions regarding the level of increase of dividends after 1st January, 1970.

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I have nothing to add to the statement I made on 21st April.—[Vol. 782, c. 43–5.]

Photo of Hon. Nicholas Ridley Hon. Nicholas Ridley , Cirencester and Tewkesbury

Since that statement said precisely nothing, will the Chief Secretary now tell the House whether it is right that anyone may increase his dividends after the end of this year by any amount he thinks fit, because the powers under which the Chancellor controls them will have expired?

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I dealt with that point in my statement. I made clear that there were to be discussions with the C.B.I. and that I would give the House the information as soon as possible and well within the time for companies to make their necessary arrangements.

Photo of Mr Frederic Harris Mr Frederic Harris , Croydon North West

If the Government are unfortunately to go on with this limiting policy, can they be more broadminded in their suggestions and, instead of going to four decimal points, round the figures off?

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I hope that the hon. Member will give me details of any case he has in mind, because when this difficulty has arisen we have met it.

Photo of Hon. Nicholas Ridley Hon. Nicholas Ridley , Cirencester and Tewkesbury

In view of the extremely unsatisfactory nature of the reply, I beg to give notice that I shall raise this matter on the Adjournment.