§ Mr. Hooleyasked the Chancellor of the Exchequer what are the main areas of responsibility of his Department which are likely to be affected by the proposed enlargement of the EEC to include Spain, Portugal and Greece; and what special action is being taken within his Department to examine the problems which will arise.
§ Mr. HealeyThe responsibilities of the Treasury in relation to economic and financial policies of the European Communities will not be changed by enlargement, although the addition of three new members will no doubt have implications for the operations of the Finance and Budget Councils, the European Investment Bank, and for meetings between member States at official level in the economic and financial spheres. Also, as explained in the Government's memorandum submitted to the House early in 1978, accession of the new member States is likely to increase the level of the United Kingdom's net contribution to the Communities budget, and this factor is being taken into account by the
INDUSTRIAL PRODUCTION (1975=100) Average third quarter 1970 to first quarter 1974 Seasonally adjusted Average second quarter 1974 to third quarter 1978 Index of industrial production: All industries 103.2 104.4 All industries other than extraction of petroleum and natural gas 103.1 102.3 Implied level of output*: All industries 103.3 104.9 All industries other than extraction of petroleum and natural gas 103.1 102.8 * The use for some industries of series which measure deliveries rather than production can result in the index of industrial production understating or overstating the level of output. These figures are adjusted for that effect. It is unlikely that the level of the index of industrial production for 1978 will differ significantly from the average of the provisional estimates already published for the first 10 months of the year. Provisional estimates for 1978 will be published by press notice on 13th February 1979.