§ 36. Mr. Blairasked the Secretary of State for Trade and Industry what is his latest estimate of the fall in the real value of manufacturing investment in the north since 1979.
§ Mr. Giles ShawWhen the world recession hit a sector suffering from poor competitiveness, resulting from years of high inflation, low productivity growth and poor rates of return on investment, there was a sharp fall in manufacturing investment, which continued up to 1982. Since that date, with industry becoming more competitive and better adapted to the demands of a modern economy, investment in the north has steadily increased. Excluding leased assets, for which no regional data are available, manufacturing investment in the north fell from £613 million in 1979 to £256 million in 1982 and rose to £403 million in 1985 at 1979 prices.