§ Mr. Deakinsasked the Secretary of State for Trade and Industry what was the amount of private investment in manufacturing industry in 1971 and 1972, respectively; and what level he anticipates in 1973.
Sir G. Howe: On the basis of the provisional estimate for the fourth quarter of 1972, the volume of manufacturing industry's fixed capital expenditure in 1972 is estimated as £1,359 million at 1963 prices. The corresponding estimate for 1971 is £1,514 million. The forecasts provided by manufacturing industry in November/December 1972 to the Department of Trade and Industry suggested a rise in 1973 in the range of 2 to 5 per 239W cent. followed by a strong increase in 1974.
More recently, as noted in the Financial Statement and Budget Report 1973–74 (Part I, paragraph 23), the inquiry carried out by the Confederation of British Industry suggested a stronger picture for 1973.
An increase in 1973 around the upper end of the range suggested by the Department of Trade and Industry's intentions inquiry now seems likely.