Financial Limits

Part of Industry Bill – in the House of Commons at 12:15 am on 6 February 1980.

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It may be wholly inconsistent with the Secretary of State's philosophy, and it may indeed be inconsistent with the present Government's approach, but if one looks at the track record of the last Conservative Administration one realises that it will not be long before the economic climate outside the House forces this Government to look differently at whatever powers are available to them. The Secretary of State should not forget that, especially as he was part of that last Administration which produced the 1972 Industry Act, which formed the basis for the 1975 Act introduced by my right hon. Friend the Member for Bristol, South-East (Mr. Benn). The powers to take equity from industry were Conservative-inspired. They came from the 1972 Act.