§ 37. Mr. Warbeyasked the Chancellor of the Exchequer whether he is aware that the latest economic review published by the National Institute of Economic and Social Research forecasts a fall of 4 per cent. in investment in private manufacturing industry during 1962; and what steps he proposes to take to correct this trend in the light of the need for long-term economic growth.
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§ Mr. Selwyn LloydI am aware that there are indications that the rate of fixed investment in manufacturing industry may be somewhat reduced during the course of 1962. The rate of investment in this sector was extremely high last year, and on any view of the prospects of 1962 it seems likely at the end of the year to be running above the level of every year before 1961. The Government's policies are directed towards maintaining a high level of investment, but is would be impossible to seek to prevent all fluctuations in the rate from year to year.