§ 6. Mr. Patrick Jenkin
asked the President of the Board of Trade whether he is satisfied with the anticipated level of investment in manufacturing industry; and what steps he is contemplating to effect an improvement.
§ Mr. Jay
The results of my Department's latest inquiry into industry's investment intention will be available next 531 week. My impression is that the measures that the Government have already taken are having a favourable effect on investment plans. The further acceleration in payment of investment grants announced this morning will be an additional stimulus.
§ Mr. Patrick Jenkin
Does not the President of the Board of Trade recognise that we are in a very serious situation with regard to the level of manufacturing investment? There appears to be no evidence as yet from any other source—we shall await his Department's report next week with great interest—that the level of investment is doing other than continuing the decline which has been reported over recent months. Does not he recognise that the implications of this for the long-term future of the country's economy are very serious indeed?
§ Sir G. Nabarro
Is not manufacturing investment in the private sector running at 15 per cent. to 20 per cent. lower than last year? Should not these figures give cause for grave anxiety?