§ Mr. Higginsasked the Secretary of State for Economic Affairs what he estimates the achievement of 4 per cent. a year growth over the next two years will make the level of the gross national product, on the national plan definition and at 1964 prices, in 1969; and what further increase, as a percentage and in £ million at 1964 prices he estimates to be needed in 1970 to achieve the national plan target of 25 per cent. growth or a £8,210 million increase in the gross product over 1964 to 1970;
(2) what, within the range of half per cent. either way, Her Majesty's Government estimates to be the growth of the productive potential of the economy by 1970;
(3) what shortfall is expected in £ million at 1964 prices between his estimate of gross national product in 1970 and the national plan target.
Mr. Alan WilliamsGrowth at the rate of 4 per cent. a year in 1968 and 1969 would raise the level of the Gross National Product, at 1964 prices, to some £37,665 million. This would represent growth of £4,485 million at 1964 prices, or 13.5 per cent., over the G.N.P. 233W in 1964. Productive potential is one of the main elements in the calculation of this rate of growth. As my right hon. Friend the Chancellor of the Exchequer said on 18th January, the Government are not yet ready to suggest a figure for the rate of growth after 1969. It has been made clear on a number of occasions that the assumptions in the National Plan about possible growth by 1970 have been invalidated.