HC Deb 30 March 1995 vol 257 c1177
12. Mr. Nicholls

To ask the Chancellor of the Exchequer what plans he has to pursue post-neo-classical endogenous growth theory; and if he will make a statement. [15286]

Mr. Aitken

The post-neo-classical endogenous growth theory is receiving the study it deserves.

Mr. Nicholls

I thank my right hon. Friend for that reply. What conclusion does he think that the public should draw when even the Labour hon. Member for Great Grimsby (Mr. Mitchell) realises that the post-neo-classical endogenous growth theory is a load of claptrap, but it is nevertheless accepted as official Labour party policy by the hon. Member for Dunfermline, East (Mr. Brown)?

Mr. Aitken

I always enjoy the sarcastic wit of the hon. Member of Great Grimsby (Mr. Mitchell), particularly when it is applied to his own Front Bench. The hon. Gentleman is a literary sort of bloke, and he will perhaps forgive me if I summarise his position by saying that the Labour party's endorsement of a growth theory is totally unnecessary. The Government do not need one because we have a growth reality of 4 per cent. last year. We have record exports and inward investment, and manufacturing investment is up by 4.4 per cent. Unemployment is falling by 1,000 a day. If that reality does not prove that there is no need for absurd academic theories, I do not know what does.

Mr. MacShane

Does the Chief Secretary agree that the best contribution that he can make to the theory of honest and incorruptible government is to resign his seal of office now?

Mr. Aitken

No.