HC Deb 24 July 1980 vol 989 c343W
29. Mr. Leighton

asked the Chancellor of the Exchequer what indications he has that the financial measures which he has taken are having a beneficial effect on industrial production.

Mr. Biffen

The Government's financial policies will lead to a progressive reduction in the rate of inflation which will create the conditions for substantial growth of industrial output. It will take time for the beneficial effects of these policies to work through to industrial production, but inflation will be reduced at a lower cost in lost output and jobs if pay settlements are moderate.