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Mr. Ryder : I refer the hon. Members to the reply I gave earlier today to the hon. Member for Cunninghame, South (Mr. Lambie).

85. Mr. Leadbitter : To ask the Chancellor of the Exchequer, what is the current short-term United Kingdom interest rate ; and what are the interest rates of each of the G7 countries.

95. Mr. Lewis : To ask the Chancellor of the Exchequer what is the current short-term United Kingdom interest rate ; and what are the interest rates of each of the G7 countries.

130. Mr. Leighton : To ask the Chancellor of the Exchequer what is the current short-term United Kingdom interest rate ; and what are the interest rates of each of the G7 countries.

Mr. Ryder : I refer the hon. Members to the reply my right hon. Friend the Chief Secretary gave earlier today to the hon. Member for Oldham, Central and Royton (Mr. Lamond).

105. Mr. Battle : To ask the Chancellor of the Exchequer, when he next expects to meet representatives of the Building Societies Association to discuss the level of United Kingdom interest rates.

118. Mr. Bell : To ask the Chancellor of the Exchequer when he next expects to meet representatives of the Building Societies Association to discuss the level of United Kingdom interest rates.

120. Mr. Bidwell : To ask the Chancellor of the Exchequer when he next expects to meet representatives of the Building Societies Association to discuss the level of United Kingdom interest rates.


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Mr. Ryder : My right hon. Friend has no such plans.

110. Mr. Cryer : To ask the Chancellor of the Exchequer whether he will make a statement on the prevailing level of interest rates and the effect on manufacturing industry.

Mr. Ryder : 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.

114. Mr. Dykes : To ask the Chancellor of the Exchequer if he will make a statement on the effect to date of the high interest rate policy on countering inflation.

Mr. Ryder : There are clear signs that the Government's tight monetary policy is countering inflationary pressures. The housing market has cooled in all areas of the country and retail sales show the lowest recorded annual increase since June 1982.

116. Mr. David Young : To ask the Chancellor of the Exchequer how many letters he has received from members of the public on the level of interest rates or their impact on the cost of mortgages.

129. Mrs. Wise : To ask the Chancellor of the Exchequer how many letters he has recieved from members of the public on the level of interest rates or their impact on the cost of mortgages.

Mr. Ryder : I refer the hon. Members to the answer my right hon. Friend the Chancellor gave earlier today to the hon. Member for Clydebank and Milngavie (Mr. Worthington).

156. Mr. Foulkes : To ask the Chancellor of the Exchequer what representations he has received from the National Federation of Self Employed and Small Businesses Ltd. about the level of the United Kingdom's interest rates.

164. Mr. Flynn : To ask the Chancellor of the Exchequer what representations he has received from the National Federation of Small Businesses and the self-employed about the level of United Kingdom interest rates.

166. Mr. Flannery : To ask the Chancellor of the Exchequer what representations he has received from the National Federation of Self Employed and Small Businesses Ltd. about the level of United Kingdom interest rates.

182. Mr. Fisher : To ask the Chancellor of the Exchequer what representations he has received from the National Federation of Self Employed and Small Businesses Ltd. about the level of United Kingdom interest rates.

Mr. Ryder : My right hon. Friend and I have received a number of representations on this subject.

Contingency Reserve

23. Mr. Blunkett : To ask the Chancellor of the Exchequer if he will make a statement on allocations from the contingency reserve in the current financial year.


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68. Mr. Boateng : To ask the Chancellor of the Exchequer if he will make a statement on allocations from the contingency reserve in the current financial year.

76. Mr. Boyes : To ask the Chancellor of the Exchequer if he will make a statement on allocations from the contingency reserve in the current financial year.

92. Mr. Bradley : To ask the Chancellor of the Exchequer if he will make a statement on allocations from the contingency reserve in the current financial year.

Mr. Norman Lamont : Allocations from the reserve are made as the need arises.

Income Tax

24. Mr. Nicholas Bennett : To ask the Chancellor of the Exchequer if he will make a statement on his policy objectives for income tax.

Mr. Lilley : My right hon. Friend's objective is to reduce the basic rate of income tax to 20 per cent. as soon as it is prudent and sensible to do so.

Quotas

25. Mr. Alan W. Williams : To ask the Chancellor of the Exchequer what is the Government's response to the International Monetary Fund's proposals by Mr. Michael Camdessus for a quota increase.

Mr. Ryder : I refer the hon. Member to the reply given earlier today by my right hon. Friend the Chancellor of the Exchequer to the right hon. Member for Swansea, West (Mr. Williams).

Private Sector Investment

26. Mr. Amos : To ask the Chancellor of the Exchequer what has been the total value of United Kingdom private sector investment over the last three years as a percentage of gross domestic product.

Mr. Norman Lamont : Private sector fixed investment, in 1985 prices, as a percentage of gross domestic product (at factor cost) was 15.6 per cent. in 1986, 16.8 per cent. in 1987 and 19 per cent. in 1988. The share of private sector investment in GDP was a record in 1988, surpassing the previous record in 1987.

Value Added Tax

28. Dr. Reid : To ask the Chancellor of the Exchequer what plans he has to broaden the value added tax base.

73. Ms. Primarolo : To ask the Chancellor of the Exchequer what plans he has to broaden the value added tax base.

83. Mr. Ray Powell : To ask the Chancellor of the Exchequer what plans he has to broaden the value added tax base.

Mr. Ryder : My right hon. Friend has no current plans to broaden the value added tax base.

34. Mr. Mullin : To ask the Chancellor of the Exchequer how much value added tax for a family on average male earnings with two children represented as a percentage of their gross earnings in 1978-79 ; and what percentage it represents at the latest available date.


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59. Ms. Mowlam : To ask the Chancellor of the Exchequer how much value added tax for a family on average male earnings with two children represented as a percentage of their gross earnings in 1978-79 ; and what percentage it represents at the latest available date.

65. Mr. John Morris : To ask the Chancellor of the Exchequer how much value added tax for a family on average male earnings with two children represented as a percentage of their gross earnings in 1978-79 ; and what percentage it represents at the latest available date.

72. Mr. Alfred Morris : To ask the Chancellor of the Exchequer how much value added tax for a family on average male earnings with two children represented as a percentage of their gross earnings in 1978-79 ; and what percentage it represents at the latest available date.

Mr. Ryder : A married man on average male earnings with two children would have paid approximately 2.7 per cent. of his earnings in value added tax in 1978-79 and will pay 5 per cent. in 1989-90.

Taxation

29. Mr. Butterfill : To ask the Chancellor of the Exchequer how much indirect taxation has increased as a proportion of disposable income in real terms since 1984.

Mr. Ryder : It is estimated that indirect taxes--excluding rates-- will be equivalent to 11.9 per cent. of gross national disposable income in 1989 compared with 11.8 per cent. in 1984.

77. Mr. Knapman : To ask the Chancellor of the Exchequer if he will make a statement on progress towards the introduction of independent taxation in April 1990.

Mr. Lilley : Preparations are well in hand for the introduction of independent taxation in April 1990.

Third World Debt

32. Mr. Jack Thompson : To ask the Chancellor of the Exchequer when he last met ministerial colleagues in the G7 to discuss Third world debt.

40. Mr. Strang : To ask the Chancellor of the Exchequer when he last met ministerial colleagues in the G7 to discuss Third world debt.

48. Mr. Turner : To ask the Chancellor of the Exchequer when he last met ministerial colleagues in the G7 to discuss Third world debt.

132. Mr. Hinchliffe : To ask the Chancellor of the Exchequer when he last met with the managing director of the International Monetary Fund and the president of the World Bank to discuss Third world debt.

146. Mr. Henderson : To ask the Chancellor of the Exchequer when he last met with the managing director of the International Monetary Fund and the president of the World Bank to discuss Third world debt.

178. Mr. Haynes : To ask the Chancellor of the Exchequer when he last met the managing director of the International Monetary Fund and the president of the World Bank to discuss Third world debt.

Mr. Ryder : I refer the hon. Members to the answer my right hon. Friend the Chancellor of the Exchequer gave earlier today to the hon. Member for Dewsbury (Mrs. Taylor).


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Inflation

33. Mrs. Maureen Hicks : To ask the Chancellor of the Exchequer what recent steps he has taken to control the rate of inflation.

Mr. Ryder : Since the signs of emerging inflationary pressures appeared last year, the Chancellor has tightened monetary policy by raising interest rates. This is the right way to bring inflation down.

36. Mr. Alton : To ask the Chancellor of the Exchequer what is the present rate of inflation in the United Kindom and in each other European Community country.

Mr. Ryder : Inflation rates for United Kingdom and all other EC countries are as follows. The figures exclude estimates of owner-occupier housing costs, putting them on a more comparable basis.


                         |Latest<1> inflation rate                         

---------------------------------------------------------------------------

Germany                  |2.8                                              

France                   |3.4                                              

United Kingdom           |5.8                                              

Italy                    |6.6                                              

Spain                    |7.4                                              

Netherlands              |0.8                                              

Belgium                  |3.2                                              

Portugal                 |13.7                                             

Greece                   |13.6                                             

Denmark                  |4.9                                              

Ireland                  |3.7                                              

Luxembourg               |3.4                                              

<1>Latest figures are September for Italy and the United Kingdom, August   

for France, Germany, Belgium, Denmark, Greece, Luxembourg and Portugal,    

May for Ireland and July for the remaining countries.                      

Source: OECD HMT and national sources.                                     

44. Mr. Bill Michie : To ask the Chancellor of the Exchequer what was the forecast used for inflation for 1989-90 and 1990-91 in the 1989 "Public Expenditure Survey" ; and what are his latest estimates for inflation in these periods.

Mr. Meale : To ask the Chancellor of the Exchequer what was the forecast used for inflation for 1989-90 and 1990-91 used in the 1989 public expenditure survey ; and what are his latest estimates for inflation in these periods.

126. Mr. Michael : To ask the Chancellor of the Exchequer what was the forecast used for inflation for 1989-90 and 1990-91 used in the 1989 public expenditure survey ; and what are his latest estimates for inflation in these periods.

Mr. Ryder : Estimates from the 1989 public expenditure survey will appear in the Autumn Statement. The statement will also present the latest general economic forecast, which includes projections for inflation.

Manufacturing Investment

35. Mr. Quentin Davies : To ask the Chancellor of the Exchequer what is his latest information on the investment intentions of British manufacturing industry.

113. Mr. Harris : To ask the Chancellor of the Exchequer what is his latest information on the investment intentions of British manufacturing industry.


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181. Mr. Roger King : To ask the Chancellor of the Exchequer what is his latest information on the investment intentions of British manufacturing industry.

Mr. Norman Lamont : The latest Department of Trade and Industry investment intentions survey, published in June, projected manufacturing investment in constant prices to rise by 15 per cent. in 1989 on a year earlier, with a further, smaller, increase indicated for 1990.

Corporation Tax

37. Mr. Gill : To ask the Chancellor of the Exchequer what consideration he has given to exempting non-quoted companies from corporation tax.

Mr. Lilley : My right hon. Friend has no plans to exempt non-quoted companies from corporation tax.

Business Investment

38. Mr. Hind : To ask the Chancellor of the Exchequer if he will make a statement on the level of business investment for the latest full year for which figures are available.

167. Mr. Wood To ask the Chancellor of the Exchequer if he will make a statement on the level of business investment for the latest full year for which figures are available.

Mr. Norman Lamont : Business investment, in constant prices, as a percentage of gross domestic product was 14.9 per cent. in 1988, the highest level recorded.

Debt Reduction

39. Ms. Gordon : To ask the Chancellor of the Exchequer what progress has been made in implementing the debt reduction plan of United States Treasury Secretary, Mr. Nicholas Brady.

Mr. Ryder : The IMF has agreed programmes allowing for officially supported debt reduction with Mexico, Venezuela, Costa Rica and the Philippines ; and these countries are currently in discussion with the commercial banks on the terms of possible debt relief.

55. Dr. Gilbert : To ask the Chancellor of the Exchequer what progress has been made in implementing the debt reduction plan of United States Treasury Secretary, Mr. Nicholas Brady.

Mr. Lawson : I refer the right hon. Member to the reply which my hon. Friend the Economic Secretary gave earlier today to the hon. Member for Bow and Poplar (Ms. Gordon)

Trade Deficit

42. Mr. Faulds : To ask the Chancellor of the Exchequer what was the deficit in visible trade in the first and second quarters of 1989.

91. Mr. Fatchett : To ask the Chancellor of the Exchequer what was the deficit in visible trade in the first and second quarters of 1989.

94. Mr. Terry Fields : To ask the Chancellor of the Exchequer what was the deficit in visible trade in the first and second quarters of 1989.


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101. Mr. Frank Field : To ask the Chancellor of the Exchequer what was the deficit in visible trade in the first and second quarters of 1989.

Mr. Norman Lamont : The deficit on visible trade was £6 billion in the first quarter and £5.9 billion in the second quarter of 1989.

93. Mr. Eadie : To ask the Chancellor of the Exchequer what was the deficit in manufacturing trade in the first and second quarters of 1989.

103. Mr. Harry Ewing : To ask the Chancellor of the Exchequer what was the deficit in manufacturing trade in the first and second quarter of the current year. 106. Mr. Eastham : To ask the Chancellor of the Exchequer what was the deficit in manufacturing trade in the first and second quarters of 1989.

Mr. Norman Lamont : The information was published on 26 September 1989 in table 16 of the monthly press notice on the current account of the balance of payments, a copy of which is available in the Library.

Negative Transfers

43. Mr. Grocott : To ask the Chancellor of the Exchequer what has been the negative transfer of financial resources from the 17 most heavily indebted countries since 1983 to the latest available year.

134. Mr. Hardy : To ask the Chancellor of the Exchequer what has been the negative transfer of financial resources from the 17 most heavily indebted countries since 1983 to the latest available year.

Mr. Ryder : I refer the hon. Member to the answer I gave earlier today to the hon. Member for Tottenham (Mr. Grant).

Disposable Income

45. Mr. Hunter : To ask the Chancellor of the Exchequer what are the latest figures for the growth of real personal disposable income for the latest year for which figures are available.

Mr. Norman Lamont : In the four quarters up to the second quarter of 1989, real personal disposable income is estimated to have been 4.8 per cent. higher than in the year up to the second quarter of 1988.

Investment

49. Mr. Marlow : To ask the Chancellor of the Exchequer what has been the average annual increase in total investment in the United Kingdom in the 1980s ; and what are the equivalent figures for the other European Community countries.

88. Mr. David Davis : To ask the Chancellor of the Exchequer what has been the average annual increase in total investment in the United Kingdom in the 1980s ; and what are the equivalent figures for the other European Community countries.

172. Mr. Key : To ask the Chancellor of the Exchequer what has been the average annual increase in total investment in the United Kingdom in the 1980s ; and what are the equivalent figures for the other European Community countries.


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177. Mr. Hayward : To ask the Chancellor of the Exchequer what has been the average annual increase in total investment in the United Kingdom in the 1980s ; and what are the equivalent figures for the other European Community countries.

Mr. Ryder : The information is as follows :


Percentage increase in Total Gross Fixed Capital Formation                    

1980-88                                                                       

                          |Annual average percentage                          

                          |change                                             

------------------------------------------------------------------------------

Germany                   |0.5                                                

France                    |0.8                                                

United Kingdom            |4.5                                                

Italy                     |1.3                                                

Belgium                   |0.4                                                

Luxembourg                |-0.1                                               

Netherlands               |2.0                                                

Denmark                   |1.3                                                

Ireland                   |-1.6                                               

Spain                     |3.7                                                

Portugal                  |2.5                                                

Greece                    |-1.4                                               

Source: CSO for United Kingdom. OECD National Accounts Volume 1, 1980-87.     

1988 figures from OECD Economic Outlook June 1989.                            

Manufacturing Output

50. Mr. Robert G. Hughes : To ask the Chancellor of the Exchequer what are the latest figures for growth of manufacturing output.

150. Mr. Allan Stewart : To ask the Chancellor of the Exchequer what are the latest figures for the growth of manufacturing output.

Mr. Norman Lamont : The latest figures show that in the three months to August manufacturing output was 4 per cent. higher than a year earlier.


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