Manufacturing Industry

HC Deb 28 October 1987 vol 121 cc291-2W

24. Mr. Cryer

asked the Chancellor of the Duchy of Lancaster what is the level of manufacturing output at the most recent practicable date compared with 1979; and if he will make a statement.

Mr. Atkins

Manufacturing output in the three months to August 1987 was I per cent. above the average level for 1979. Since the trough of the recession at the beginning of 1981, manufacturing output has increased by some 20 per cent. and in the three months to August is was nearly 6 per cent. higher than a year earlier. Manufacturing industry is now growing faster than the rest of the economy and the prospects for further growth are most encouraging.

25. Mr. Hoyle

asked the Chancellor of the Duchy of Lancaster what are his forecasts for investment in manufacturing industry in the current year and for 1988.

Mr. Atkins

The latest investment intentions survey carried out by my Department indicates that in 1987 investment in manufacturing industry, including leased assets, will be about 4 per cent. higher than in 1986 with a larger increase expected between 1987 and 1988. Investment in 1986 is estimated at £7.1 billion at 1986 prices.

31. Mr. Austin Mitchell

asked the Chancellor of the Duchy of Lancaster what was the ratio of new investment to depreciation in British manufacturing industry for the last available year.

Mr. Atkins

In 1986 gross domestic fixed capital formation by United Kingdom manufacturing industry, including leased assets, at current prices was about 102 per cent. of its capital consumption of fixed assets on a national accounts basis and at current prices. There are difficulties in measuring capital consumption as it is a broad brush estimate of the economic lives of fixed assets rather than the lives assumed in business accounts.

33. Mr. Pike

asked the Chancellor of the Duchy of Lancaster what has been the change in output in percentage terms on a constant value basis in the manufacturing industries from 1979 to date.

Mr. Atkins

Manufacturing output in the three months to August 1987 was 1 per cent. above the average level for 1979.