§ Mr. Ron Daviesasked the Chancellor of the Exchequer when he expects the United Kingdom's gross domestic product, and manufacturing output to return to the levels of May 1979.
§ Mr. Lawson[pursuant to his reply, 26 July 1983]: GDP Is likely to return to its level of the first half of 1979 sometime this year. Real national disposable income, which takes into account changes in the terms of trade, was already well above the level of the first half of 1979 by the second half of last year.
The forecast published with the Budget suggested that manufacturing output over the year to mid 1984, though below the 1979 level, would be rising at much the same rate as in the rest of the economy.