HC Deb 22 July 1980 vol 989 c683W
Mr. Austin Mitchell

asked the Chancellor of the Exchequer whether the Government's medium-term forecast for the economy is based on the assumption that the increase in the price and volume of North Sea oil is bound to lead to a contraction in manufacturing industry; and what his forecast is of the estimated effect.

Mr. Lawson

The medium-term financial strategy, published in the Financial Statement and Budget Report, contains illustrative projections—not forecasts—of public revenue, expenditure and borrowing, based on the assumption that the average growth rate after 1980 is roughly in line with the experience between 1973 and 1979.

Forward to