9. Mr. Gresham Cookeasked the Chancellor of the Exchequer whether, in view of the index of industrial production now published for January, he will make an estimate of the loss of production suffered by virtue of the cold weather in January and February.
Mr. MandlingNo, Sir. It is not possible to estimate how much of the drop in output was the result of the exceptionally severe weather and how much of other causes.
Mr. Gresham CookeWill my right hon. Friend accept my estimate that, 1068 due to the very cold weather from Christmas to the beginning of March, we may have incurred extra costs of £200 million in loss of production, extra transport costs and so on? Will he take the opportunity to make a statement on this matter emphasising what a long way we have to go to catch up with this loss of production and so on, and emphasising also the need for industry and transport to take all possible precautions lest such a thing should ever happen again?
§ Mr. MaudlingMy hon. Friend's calculations are always persuasive, but I have learnt the unwisdom of accepting too many estimates too easily. The actual effect of the severe weather can be estimated reasonably accurately, I think, only when we have seen the production figures over quite a long period, when we can see the peak effect in January and February and how far the trough comes after that.