§ 6. Mr. Ashleyasked the Chancellor of the Exchequer what is his current estimate of industrial production for 1971.
§ Mr. Maurice MacmillanMy right hon. Friend has given no estimate for the level of industrial production in 1971.
§ Mr. AshleyIs the hon. Gentleman aware that despite that deplorable and calculated evasion, the Budget judgment of 3 per cent. economic growth rate in the following 12 months now stands condemned as perhaps the most outrageous economic howler of the year, and is he further aware that the Chancellor is now widely regarded as the arch-apostle of "stagflation", which was the woeful creed vigorously condemned by his distinguished predecessor, lain Macleod?
§ Mr. MacmillanThe Budget forecast was for a rise in output of rather over 1 per cent. between 1970 and 1971. As the hon. Gentleman knows, the Chancellor is reviewing current output. Industrial production in April is provisionally estimated to be almost 1 per cent. above the rate for the first quarter.