§ Mr. Churchill
asked the Chancellor of the Exchequer what was the level of national industrial production achieved in February 1975, February 1976 and in the latest month for which figures are available, expressed as a percentage taking February 1974 as 100.
§ Mr. Denzil Davies
When the index of industrial production is expressed on the basis of February 1974 equals 100, the index numbers, seasonally adjusted, for February 1975, February 1976 and December 1976 are 101.3, 98.9 and 99.0, respectively. Adjusting for the effect on the index of stock movements, it is estimated that the level of national industrial production in February 1975 was some 2¼ per cent. higher than in February 1974, whilst in February 1976, and—on the basis of provisional estimates—in December 1976, production was at much the same level as in February 1974.