§ 15. Mr. Dykesasked the Chancellor of the Exchequer what was the rise in industrial output in the last two quarters of 1970 and the first quarter of 1971, respectively.
§ Mr. Maurice MacmillanIndustrial output as measured by the index of industrial production rose by about ¼ per cent. in the third and about ½ per cent. in the fourth quarter of 1970. In the first quarter of 1971, when both the level of activity and the recording of statistics were adversely affected by strikes, the index showed a fall of over 1 per cent.
§ Mr. DykesI am grateful for that reply. Does not the minor image of the figures, particularly the figures for the last quarter, show that there is ample scope and pressing need for further re-flationary measures?
§ Mr. MacmillanThese are matters which my right hon. Friend keeps under constant review. When his judgment deems that this is so, no doubt he will deal with them accordingly.
§ Mr. BarnettWhy does the hon. Gentleman not admit, like most honest outside commentators, that at the time of the Budget the figures were different from what they have turned out to be? In these circumstances, why are the Government still sticking to the position of refusing to reflate?
§ Mr. MacmillanSince my right hon. Friend has already said that he is unwilling to anticipate his decisions, I am unwilling to anticipate those decisions for him.