§ Mr. Meacherasked the Chancellor of the Exchequer what has been the level of private sector investment, both in total and in manufacturing industry only, for each year since 1960, both at current prices and real 1975 prices ; what percentages these are of national expenditure for each year; and what are the comparable figures over the same period for public sector investment.
§ Mr. Biffen[pursuant to his reply, 12 June 1980]: The figures requested are shown in the following table.
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£ millions At current prices At 1975 prices Percentage of total domestic expenditure Private Public Private Public Private Public Manufacturing Industries* 1960 … … 1,021 2,818 3.9 1961 … … 1,248 3,350 4.6 1962 … … 1,182 3,095 4.1 1963 … … 1,068 2,707 3.5 1964 … … 1,232 3,056 3.7 1965 … … 1,402 23 3,352 42 3.9 0.1 1966 … … 1,499 18 3,466 26 3.9 — 1967 … … 1,430 55 3,312 96 3.5 01 1968 … … 1,510 83 3,363 154 3.4 0.2 1969 … … 1,786 81 3,825 145 3.9 0.2 1970 … … 2,000 130 3,944 212 4.0 0.3 1971 … … 1,970 217 3,530 321 3.5 0.4 1972 … … 1,808 236 3,002 323 2.0 0.4 1973 … … 2,151 196 3,141 299 2.9 0.3 1974 … … 2,785 282 3,424 358 3.2 0.3 1975 … … 3,103 419 3,102 420 2.9 0.4 1976 … … 3,356 599 2,833 508 2.7 0.5 1977 … … 4,415 559 3,229 408 3.1 0.4 1978 … … 5,408 433 3,566 287 3.4 0.3 1979 … … 6,169 361 3,646 212 3.3 0.2 * These estimates relate only to direct investment in manufacturing. Capital assets acquired by manufacturers on lease are included, on the basis of ownership, within estimates for the insurance, banking, finance and business services industry. GDFCF on such assets is estimated to have been about £470 million at 1975 prices in 1979 (about £750 million at current prices, or 0.4 per cent. of total domestic expenditure). In 1975 the corresponding figure was about £190 million (0.2 per cent. of total domestic expenditure). No sub-division of these estimates by sector is available.