HC Deb 27 June 1972 vol 839 c1167
4. Mr. Knox

asked the Chancellor of the Exchequer what is his latest estimate of the growth of gross domestic product.

The Chancellor of the Exchequer (Mr. Anthony Barber)

The present indications are that we are on target and that the economy is growing at the rate forecast at the time of the Budget, namely 5 per cent. a year over the period referred to in the Budget Statement.

Mr. Knox

Will my right hon. Friend confirm that he intends to pursue his policy of economic growth as a matter of absolute priority? Will he further confirm that the decision last Friday to float the £, which I warmly welcome, is further confirmation of this intention?

Mr. Barber

The fact is that the prosperity of the British people ultimately depends on the rate of our economic growth. I think it is satisfactory that the economy is expanding at more than twice the rate it did from 1964 to 1970.

Mr. Marten

In view of the recent statement by Dr. Mansholt in favour of a zero growth rate for the European Community, could my right hon. Friend assure us that the British Government have no intention of falling in with Dr. Mansholt's curious ideas?

Mr. Barber

My hon. Friend must have misunderstood me. I have already expressed a view about the determination and intention of the British Government.