Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 7 March 1973.

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Photo of Mr Peter Walker Mr Peter Walker , Worcester 12:00, 7 March 1973

We have stated that we shall discuss the basis of phasing out regional employment premium with industry. These discussions are taking place at present. There is no doubt about the high rate of investment being achieved by the regional policy.

I am also pleased to tell the House that some of our major industries are announcing major increases in their investment programmes. Imperial Chemical Industries has just announced an investment programme for the next two years which is substantially higher than its programme has been for some years past. Courtaulds is investing about £90 million in the coming period, £60 million of which will go to assisted areas. Coming to British Leyland, seemingly the right hon. Gentleman was suggesting that Lord Stokes in some way did not want the increase in purchasing power for the motor industry to take place so quickly. All that I can say is that in view of what has happened in the consumer purchase of motor cars Lord Stokes has decided that although for some years now he has been investing £50 million a year in new factories and equipment, in the coming two years that sum will be doubled to £100 million a year.