21. Mr. Alan W. WilliamsTo ask the Secretary of State for Trade and Industry if he will give the total of manufacturing investment in 1990 and 1991 and the percentage fall (a) in cash terms and (b) in real terms.
Mr. WilliamsThe level of manufacturing investment is now lower than in 1979, and the growth in manufacturing output since 1979 is just 4.9 per cent.—far lower than in Germany, where it is 26 per cent., the United States where it is 33 per cent., and Japan where it is more than 60 per cent. Against that appalling background, why did yesterday's Budget contain nothing to help investment in manufacturing industry?
§ Mr. LeighThere is a great deal in the Budget to help investment. How would investment be helped by the Labour party's policies of higher costs, higher taxes, more red tape and a minimum wage? They would drive British industry into bankruptcy. That is why industry will vote Conservative and we shall win the election.