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Written Answers to Questions
Thursday 6 July 1989
NATIONAL FINANCE
Tax and Price Index
14. Mr. Rogers : To ask the Chancellor of the Exchequer what is the most recent figure for the tax and price index.
135. Mrs. Golding : To ask the Chancellor of the Exchequer what is the most recent figure for the tax and price index.
178. Mr. George : To ask the Chancellor of the Exchequer what is the most recent figure for the tax and price index.
195. Mr. Galloway : To ask the Chancellor of the Exchequer what is the most recent figure for the tax and price index.
Mr. Lilley : The tax and price index increased by 8.4 per cent. over the twelve months to May.
Self-Employment
15. Mr. Hanley : To ask the Chancellor of the Exchequer what has been the increase in self-employment since 1979.
25. Mr. Arbuthnot : To ask the Chancellor of the Exchequer what has been the increase in self-employment since 1979.
77. Mr. Michael Brown : To ask the Chancellor of the Exchequer what has been the increase in self-employment since 1979.
Mr. Major : Self-employment in the United Kingdom has increased by 1,142,000, or 60 per cent. since June 1979.
Balance of Trade
16. Mr. Allan Roberts : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in visible goods in 1989 and 1990.
169. Mr. Barron : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in visible goods in 1989 and 1990.
186. Mr. Bidwell : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in visible goods in 1989 and 1990.
Mr. Harry Barnes : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in visible goods in 1989 and 1990.
Mr. Major : The latest forecast of the visible trade balance in 1989 was published in the "Financial Statement and Budget Report" for 1989-90. An updated forecast for
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1989, together with a forecast of the visible trade balance in 1990, will be published in the Autumn Statement in the usual way.106. Mr. Livingstone : To ask the Chancellor of the Exchequer when he will next provide a forecast for the United Kingdom balance of payments in 1989 and 1990.
117. Mr. Cunliffe : To ask the Chancellor of the Exchequer when he will next provide a forecast for the United Kingdom balance of payments in 1989 and 1990.
121. Mr. Redmond : To ask the Chancellor of the Exchequer if he will revise his forecast for the United Kingdom balance of payments in 1989 and 1990.
148. Mr. Frank Cook : To ask the Chancellor of the Exchequer if he will revise his forecast for the United Kingdom's balance of payments in 1989 and 1990.
157. Mr. Graham : To ask the Chancellor of the Exchequer when he will next provide a forecast for the United Kingdom balance of payments in 1989 and 1990.
161. Mr. Illsley : To ask the Chancellor of the Exchequer, when he will next provide a forecast for the United Kingdom balance of payments in 1989 and 1990.
184. Ms Abbott : To ask the Chancellor of the Exchequer if he will revise his forecast for the United Kingdom balance of payments in 1989 and 1990.
Mr. Major : A forecast of the balance of payments will be published as usual in the next Autumn Statement.
76. Mr. Wareing : To ask the Chancellor of the Exchequer what was the revised figure for the balance of payments in the first quarter of 1989.
129. Mr. Adams : To ask the Chancellor of the Exchequer what was the revised figure for the balance of payments in the first quarter of 1989.
192. Ms. Armstrong : To ask the Chancellor of the Exchequer what was the revised figure for the balance of payments in the first quarter of 1989.
Mr. Major : Latest estimates for the first quarter of 1989 show a current account deficit of £4.8 billion, an improvement of £0.8 billion over the preceding quarter.
62. Mr. Rees : To ask the Chancellor of the Exchequer if he will revise his forecast for the United Kingdom balance of payments in 1989 and 1990.
Mr. Lawson : A forecast of the balance of payments will be published as usual in the next Autumn Statement.
48. Mr. Grocott : To ask the Chancellor of the Exchequer what is his latest estimate for the United Kingdom's balance of trade in manufactured goods for 1989.
52. Mr. Ron Davies : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in manufacturing in 1989 and 1990.
73. Dr. Reid : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in manufacturing in 1989 and 1990.
87. Mr. Callaghan : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in manufacturing in 1989 and 1990.
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111. Mr. Tony Lloyd : To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in manufacturing in 1989 and 1990.
Mr. Major : The "Financial Statement and Budget Report" for 1989-90 provides a forecast of the balance of trade in manufactures for 1989 only. For this forecast, I refer the hon. Members to the reply I gave to the hon. Member for Leeds, Central (Mr. Fatchett) on 8 June at column 204.
42. Mr. Orme : To ask the Chancellor of the Exchequer when he last met the Governor of the Bank of England to discuss the balance of trade deficit.
Mr. Lawson : I meet the Governor from time to time to discuss a variety of matters.
168. Mr. Archer : To ask the Chancellor of the Exchequer what was the revised figure for the balance of payments in the first quarter of 1989.
Mr. Lawson : Latest estimates for the first quarter of 1989 show a seasonally adjusted current account deficit of £4.8 billion, an improvement of £0.8 billion over the preceding quarter.
European Monetary System
20. Mr. Harry Greenway : To ask the Chancellor of the Exchequer what steps he proposes to take to monitor the future development of the European monetary system ; and if he will make a statement.
Mr. Lawson : The European monetary system is kept regularly under review.
27. Mr. Fearn : To ask the Chancellor of the Exchequer whether he now expects to seek full United Kingdom membership of the European monetary system.
Mr. Lilley : I refer the hon. Member to the reply I gave to my hon. Friend the Member for Southend, East (Mr. Taylor) on 5 July at column 161 .
36. Mr. Beith : To ask the Chancellor of the Exchequer whether, following the Madrid summit and the decision of Spain to join the exchange rate mechanism, he will make a statement as to any new factors which are relevant to his decision as to whether the time is right for Britain to join the European monetary system.
Mr. Lilley : I refer the hon. Member to the reply my right hon. Friend the Chancellor of the Exchequer, gave the hon. Member for Gordon (Mr. Bruce) earlier today.
Manufacturing
21. Mr. Charles Wardle : To ask the Chancellor of the Exchequer what was the annual rate of growth of manufacturing output over the last two years.
56. Mr. Pawsey : To ask the Chancellor of the Exchequer, what was the annual rate of growth of manufacturing output over the last two years.
Mr. Major : In the two years ending in the three months to April, manufacturing output grew at an average annual rate of 6.2 per cent.
166. Sir David Price : To ask the Chancellor of the Exchequer what is his latest estimate of the growth of manufacturing productivity in the United Kingdom since 1979 and in the previous two decades.
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Mr. Major : Between 1979 and the three months to April 1989, output per head in United Kingdom manufacturing industry grew at an annual average growth rate of 4.2 per cent, significantly higher than the 1.6 per cent. growth achieved in the 1970s and 3 per cent. growth in the 1960s.
118. Mr. Cryer : To ask the Chancellor of the Exchequer if he will make a statement on the effect of the current level of interest rates on manufacturing firms employing less than 200 employees.
Mr. Lilley : Inflation is the greatest threat to the prosperity of all manufacturing firms. They will therefore benefit greatly from the Government's determination to keep interest rates as high as necessary for as long as necessary as part of its firm
anti-inflationary policy.
112. Mrs. Peacock : To ask the Chancellor of the Exchequer what are the latest projections for the growth of manufacturing investment in 1989.
191. Mr. Moss : To ask the Chancellor of the Exchequer what are the latest projections for the growth of manufacturing investment in 1989.
Mr. Major : The latest DTI investment intentions survey published in June projected manufacturing investment in constant prices to rise by 15 per cent. in 1989 on a year earlier. The latest CBI quarterly trends survey published in April confirms this buoyant outlook.
37. Dr. Goodson-Wickes : To ask the Chancellor of the Exchequer what was the annual rate of growth of manufacturing output over the last two years.
49. Mr. John Browne : To ask the Chancellor of the Exchequer what has been the growth of manufacturing productivity in the United Kingdom since 1980 ; and what were the comparable figures in the other major industrial countries.
95. Mr. Robert B. Hughes : To ask the Chancellor of the Exchequer what has been the growth of manufacturing productivity in the United Kingdom since 1980 ; and what were the comparable figures in the other major industrial countries.
120. Dr. Twinn : To ask the Chancellor of the Exchequer what has been the growth of manufacturing productivity in the United Kingdom since 1980 ; and what were the comparable figures in the other major industrial countries.
Mr. Major : Comparable figures for manufacturing productivity growth in the major industrialised countries are available only up to the fourth quarter of 1988. Manufacturing productivity, as measured by output per person employed, was 51 per cent. higher in the United Kingdom in 1988 than in 1980. Over the same period in the United States productivity increased by 37 per cent., in Japan by 28 per cent., in Germany by 19 per cent., in France by 27 per cent., in Italy by 35 per cent. and in Canada by 33 per cent.
123. Mr. Hunter : To ask the Chancellor of the Exchequer what is his latest estimate of the growth of manufacturing productivity since 1980.
196. Mr. Stevens : To ask the Chancellor of the Exchequer what is his latest estimate of the growth of manufacturing productivity since 1980.
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Mr. Major : Output per head in United Kingdom manufacturing in the three months up to April 1989 was 55 per cent. higher than its average level in 1980, an average annual growth rate of 5.2 per cent.
Interest Rates
22. Mr. David Evans : To ask the Chancellor of the Exchequer what estimate he has as to the likely direct effect on investment intentions of a 1 per cent. change in interest rates over a period of 12 months.
Mr. Lilley : Despite the sharp rise in short-term interest rates over the past year, the DTI investment intentions survey published on 12 June indicated that industrial investment was expected to rise by 13 per cent. in 1988.
24. Mr. Mullin : To ask the Chancellor of the Exchequer what representations he has received from small businesses on the current level of interest rates.
Mr. Lilley : I refer the hon. Member to the reply my right hon. Friend the Chief Secretary gave earlier today to the hon. Member for Gateshead, East (Ms. Quin).
185. Mr. Knox : To ask the Chancellor of the Exchequer if he will make a statement about the current level of interest rates.
Mr. Lilley : Bank base rates are 14 per cent.
79. Mr. Ronnie Campbell : To ask the Chancellor of the Exchequer what representations he has received from the Confederation of British Industry about the current level of interest rates.
80. Mr. Murphy : To ask the Chancellor of the Exchequer what representations he has received from the Confederation of British Industry about the current level of interest rates.
81. Mr. Clay : To ask the Chancellor of the Exchequer what representations he has received from the Confederation of British Industry about the current level of interest rates.
85. Mr. Clelland : To ask the Chancellor of the Exchequer what representations he has received from the Confederation of British Industry about the current level of interest rates.
50. Mr. Loyden : To ask the Chancellor of the Exchequer what representations he has received from small businesses on the current level of interest rates.
71. Mr. Winnick : To ask the Chancellor of the Exchequer what representations he has received from small businesses about the present level of interest rates.
194. Mr. Randall : To ask the Chancellor of the Exchequer what representations he has received from small businesses on the current level of interest rates.
Mr. Lilley : I refer the hon. Member to the reply my right hon. Friend the Chief Secretary gave earlier today to the hon. Member for Gateshead, East (Ms. Quin).
47. Mr. Turner : To ask the Chancellor of the Exchequer if he plans to meet representatives from small businesses to discuss the present level of interest rates.
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172. Mr. Michael Welsh : To ask the Chancellor of the Exchequer if he plans to meet representatives from small businesses to discuss the present level of interest rates.
Mr. Lilley : My right hon. Friend has no plans for specific meetings of this kind.
35. Mr. Skinner : To ask the Chancellor of the Exchequer what representations he has received regarding the level of interest rates ; and if he will make a statement.
Mr. Lilley : My right hon. Friend has received a number of representations on this subject.
29. Mr. Madden : To ask the Chancellor of the Exchequer what is the present level of interest rates in (a) the United Kingdom and (b) West Germany.
46. Mr. Martlew : To ask the Chancellor of the Exchequer what is the present level of interest rates in (a) the United Kingdom and (b) West Germany.
108. Mr. McAllion : To ask the Chancellor of the Exchequer what is the present level of interest rates in (a) the United Kingdom and (b) West Germany.
142. Mr. Maxton : To ask the Chancellor of the Exchequer what is the present level of interest rates in (a) the United Kingdom and (b) West Germany.
Mr. Lilley : On 4 July, three-month money market rates in the United Kingdom were 14 per cent., compared with 7.2 per cent. in Germany.
Economic Growth
26. Mr. Conway : To ask the Chancellor of the Exchequer what is his latest estimate for economic growth in 1989-90.
Mr. Norman Lamont : My right hon. Friend the Chancellor forecast at Budget time that real gross domestic product would grow by 2 per cent. in 1989-90.
Inflation
23. Mr. Janner : To ask the Chancellor of the Exchequer what is the current underlying rate of inflation.
31. Mr. Henderson : To ask the Chancellor of the Exchequer what is the current underlying rate of inflation.
89. Mr. McKelvey : To ask the Chancellor of the Exchequer what is the current underlying rate of inflation.
176. Mrs. Fyfe : To ask the Chancellor of the Exchequer what is the current underlying rate of inflation.
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