HC Deb 08 July 1969 vol 786 cc219-22W
54. Mr. J. H. Osborn

asked the Chancellor of the Exchequer what are his revised estimates of the levels of capital investment in the public and private sector, respectively, including specifically industrial investment, and in total for 1969 and expressed per head of those employed and per head of population, respectively; and how these figures compare with equivalent figures available to him from international sources in other major industrial countries and with actual investment in this country for the previous five years.

Mr. Diamond

My right hon. Friend published his forecasts of public and private investment in 1969 in the "Financial Statement and Budget Report 1969–70", and a fortnight ago, in our debate on the Letter of Intent, he said that he expected a good increase in private investment during the year ahead in line with his Budget forecast. As to the second part of the Question, I will, with permission, include the relevant figures in the OFFFICIAL REPORT.

Following is the information:

GROSS FIXED CAPITAL FORMATION* PER HEAD OF NUMBERS EMPLOYED† IN THE UNITED KINGDOM‡
£
Total Public Sector Private Sector
1964 230 442 167
1965 245 474 178
1966 259 529 179
1967 284 602 186
1968 306 609 206
* Including fixed capital formation by industry.
† At June in each year.
‡ Comparable figures are not available for other countries.

GROSS FIXED CAPITAL FORMATION PER HEAD OF POPULATION*
Total Public Sector Private Sector
United Kingdom £ sterling
1964 108 48 61
1965 116 51 65
1966 122 57 65
1967 130 66 64
1968 140 69 71
France French francs
1964 1,907 699 1,208
1965 2,056 777 1,279
1966 2,207 868 1338
1967 2,360 951 1,409
1968 . . . . . .
Germany German marks
1964 1,873 . . . .
1965 2,014 . . . .
1966 2,043 . . . .
1967 1,844 . . . .
1968 . . . . . .
Italy Hundred Italian lire
1964 1,409 . . . .
1965 1,304 . . . .
1966 1,362 . . . .
1967 1,526 . . . .
1968 . . . . . .
Japan Hundred Japanese yen
1964 949 282† 688†
1965 987 329† 680†
1966 1,117 381† 788†
1967 1,370 . . . .
1968 . . . . . .
United States U.S. dollars
1964 562‡ 103‡ 459
1965 617‡ 111‡ 506
1966 659‡ 120‡ 539
1967 670‡ 127‡ 543
1968 . . . . . .

Sources: OECD annual returns and U.N. Monthly Bulletin of Statics.

. . Not available.

*At mid-year.

† Sector figures of fixed capital formation relate to the fiscal year beginning on 1st April and therefore add to more than the total figures which relate to the calendar year.

‡ Figures of fixed capital formation exclude expenditure by government enterprises on machinery and equipment.

55. Mr. J. H. Osborn

asked the Chancellor of the Exchequer what is his revised estimate of the level of capital investment in total and in the public and private sector, respectively, including specifically industrial investment, for 1969; how this compares with actual investment in each of the past five years, and expressed as a percentage of gross national product; and how these figures compare with equivalent figures available to him from international sources for other major industrial countries.

Mr. Diamond

As to the first part of this Question, I would refer the hon. Gentleman to my answer to his preceding Question. As to the rest, I will, with permission, include the relevant figures in the OFFICIAL REPORT.

Following is the information:

GROSS FIXED CAPITAL FORMATION* IN THE UNITED KINGDOM
Total Public Sector Private Sector
£ million
1964 5,860 2,580 3,280
1965 6,309 2,776 3,533
1966 6,703 3,133 3,570
1967 7,247 3,639 3,608
1968 7,734 3,819 3,915

AS A PERCENTAGE OF GROSS NATIONAL PRODUCT AT FACTOR COST
Total Public Sector Private Sector
1964 20.0 8.8 11.2
1965 20.2 8.9 11.3
1966 20.4 9.5 10.9
1967 21.0 10.5 10.
1968 21.3 10.5 10.8
* Including fixed capital formation by industry.

GROSS FIXED CAPITAL FORMATION AS A PERCENTAGE OF GROSS NATIONAL PRODUCT AT FACTOR COST*
Total Public Sector Private Sector
United Kingdom*
1964 19.9 8.8 11.2
1965 20.1 8.9 11.3
1966 20.3 9.5 10.8
1967 20.9 10.5 10.4
1968 21.2 10.5 10.7
France
1964 25.1 9.2 15.9
1965 25.6 9.7 15.9
1966 25.8 10.2 15.7
1967 25.8 10.4 15.4
1968 . . . . . .
Germany
1964 30.4 . . . .
1965 30.3 . . . .
1966 29.2 . . . .
1967 26.5 . . . .
1968 . . . . . .

Italy
1964 24.5 . . . .
1965 21.2 . . . .
1966 20.7 . . . .
1967 21.6 . . . .
1968 . . . . . .
Japan
1964 35.7 10.6† 25.9†
1965 34.3 11.4† 23.6†
1966 33.9 11.6† 23.9
1967 35.3 . . . .
1968 . . . . . .
United States
1964 18.5‡ 3.4‡ 15.1
1965 18.9‡ 3.4‡ 15.5
1966 18.6‡ 3.4‡ 15.2
1967 18.1‡ 3.4‡ 14.7
1968 . . . . . .

Source: OECD annual returns.

. . Not available.

*The definitions used in the international returns differ slightly from those used in the United Kingdom national accounts, on which the preceding table is based.

† Sector figures of fixed capital formation relate to the fiscal year beginning on 1st April and therefore add to more than the total figures which relate to the calendar year.

‡ Figures of fixed capital formation exclude expenditure by government enterprises on machinery and equipment.