National Insurance Surcharge

Part of Ways and Means – in the House of Commons at 12:00 am on 5 July 1978.

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Photo of Mr Peter Hordern Mr Peter Hordern , Horsham and Crawley 12:00, 5 July 1978

On the contrary. Let us consider the experience of those who provide capital for industry. In 1973, they had a return of about 7·8 per cent. of the total cash flow in business and industry. In 1976 this figure had shrunk to 1·9 per cent. I do not think that it is possible to have those two movements going along side by side. We cannot have the Government taking a higher share of the cash flow of industry year after year and those who provide the finance for industry getting a smaller return. How can we expect investment in our industry and business to proceed if an increasing proportion is taken up by the Government and a smaller proportion is available to be ploughed back? It is simply not reasonable to think that that can proceed.