Abolition of Investment Grants

Part of Investment and Building Grants Bill – in the House of Commons at 12:00 am on 22 June 1971.

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Photo of Mr John Nott Mr John Nott , St Ives 12:00, 22 June 1971

I support my hon. Friend the Member for Middlesbrough, West (Mr. Sutcliffe).

While in Opposition, we moved new Clauses on successive Finance Bills which recognised the special position of deep mining. So far only one mine has been mentioned in the debate, but many tin mines are opening up in Cornwall, and they are also affected by the Amendment.

We do not have to be supporters of the cash giant system to support the Amendment. What is being said is that a judgment was made on the basis of existing legislation. While I do not regard it as retrospective legislation, there is clearly a moral obligation on the Government to ensure that business judgments made in the circumstances that then prevailed are at least met by them in sympathy with the Amendment.

There is nothing unique about shipping, except that the Government happen to be rather more frightened on that score than they are on mining. Unless we can get a concession from them on this important point tonight, we will show that we feel just as concerned on the principle for other industries as the Government may feel about the shipping industry.