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Industrial Production

Volume 940: debated on Monday 28 November 1977

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asked the Chancellor of the Exchequer if he is satisfied with the current level of industrial production.

No. There will be few if any Members on either side of the House who regard the consequences of the worst recession since the war with any satisfaction.


asked the Chancellor of the Exchequer when he expects to be able to reach the Scenario II targets for the growth of British manufacturing industry of 7·9 per cent. a year put forward by the Government and the National Economic Development Council in August 1976 and subsequently adopted as part of the Government's industrial strategy.

The forecast published in a Treasury Press release of 26th October 1977 shows manufacturing output growing by 3½ per cent. between the second half of 1977 and the second half of 1978. I cannot provide a forecast for manufacturing output beyond that time, but it remains the purpose of the industrial strategy to raise the rate of growth substantially.