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Volume 895: debated on Monday 7 July 1975

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asked the Secretary of State for Industry if he will now abandon plans for further nationalisation of private sector industry in view of the need to curtail the increase in the public sector borrowing requirement.

No. We stand firmly by our manifesto proposals for an extension of the public sector where it is most needed. We have announced that we will proceed with the Aircraft and Shipbuilding Industries Bill at the very earliest opportunity in the next Session, with a view to Royal Assent and vesting of the companies to be nationalised as early as possible in 1976.