§ Mr. Norman Lamontasked the Chancellor of the Exchequer whether he will publish in the OFFICIAL REPORT a table of the forecasts for the growth of the economy, made by himself since February and the calendar periods to which they referred ; and if he will also indicate which forecasts, if any, replaced or altered other forecasts.
§ Mr. Nott,pursuant to his reply [OFFICIAL REPORT, 3rd December 1973 ; Vol. 865, c. 275], gave the following information :
In the March 1973 Budget an average rate of growth of 5 per cent. per annum was forecast between the second half of 1972 and the first half of 1974, with a faster rate at the beginning of the period and a slower rate in the end.
FINANCIAL STATEMENT AND BUDGET REPORT 1973–74 Forecast of Gross Domestic Product percentage change from previous half year, seasonally adjusted 1973 H1 3.3 H2 2.6 1974 H1 1.8 The forecast contained in the Consultative Document on the Price and Pay Code for Stage 3 (Cmnd 5444) was consistent with this.