§ Mr. MacGregor
I expect manufacturing output to start recovering in the second half of this year continuing in the first half of 1982, while there are indications of some recovery in the volume of manufacturing investment in 1982.
§ Mr. Tebbit
Applications for selective financial assistance from private industry are dealt with in accordance with a number of criteria, including the industrial benefits obtained. In the case of nationalised industries and publicly owned companies, the Government have inherited an unwelcome responsibility of supplying, in some cases, almost all their cash needs. Before providing funds, we require to be satisfied about the objectives that the industries will by pursuing, including, in the case of the loss-makers, their plans for returning to enduring profitability.