§ 62. Sir T. Beamishasked the Chancellor of the Exchequer if he will list in tabular form his estimate of what increase in national resources will result 88W over the next 10 years, showing each year separately, on the basis that, respectively, the gross national product increases by the same amount as the average over the last 10 years, there is an increase in this growth rate of one-half per cent. and 1 per cent., respectively, and the gross national product increases at the same rate as the average increase in the European Economic Community countries in the last 10 years for which figures are available.
§ Mr. HigginsThe result of the calculations on the assumptions specified by my hon. and gallant Friend is as follows:
ANNUAL INCREASES IN GROSS NATIONAL PRODUCT AT FACTOR COST AT 1970 PRICES RESULTING FROM VARIOUS RATES OF GROWTH £ million Average annual rate of growth 2.7* per cent. 3.2 per cent. 3.7 per cent. 5.5† per cent. 1971 … 1,152 1,366 1,579 2,347 1972 … 1,183 1,409 1,637 2,476 1973 … 1,216 1,454 1,698 2,612 1974 … 1,248 1,501 1,761 2,756 1975 … 1,281 1,549 1,826 2,908 1976 … 1,317 1,598 1,893 3,067 1977 … 1,352 1,650 1,964 3,237 1978 … 1,388 1,702 2,036 3,414 1979 … 1,426 1,757 2,111 3,602 1980 … 1,464 1,813 2,190 3,800 * Average annual rate of growth of gross national product at 1963 factor cost in the United Kingdom, 1960–70. † Average annual rate of growth of gross national product at 1963 market prices in the European Economic Community, 1959–69.