§ Mr. Sillarsasked the Secretary of State for Industry what is his latest estimate of the level of industrial investment in 1976 –77, and if he will show how this compares, in real terms, with actual in vestment in 1964, 1968, 1972 and 1974.
Mr. Alan WilliamsInvestment in real terms by United Kingdom manufacturing industry has been:
£ million 1970 prices 1964 1,561 1968 1,851 1972 1,738 1974 2,087 The last survey of investment intentions by my Department in November/ December 1975 indicated that investment in 1976 would be about £1,700 million, at 1970 prices, and that in 1977 there would be a large increase compared with the previous year.
The results of the latest CBI industrial trends survey, published on 4th May, were of the same order for 1976; and although no forecast was given for the whole of 1977, the indications were that investment would start increasing during 1976 and that total manufacturing investment in the 12 months to June 1977 would be about 10 per cent. above that in the previous 12 months.
§ Mr. Sillarsasked the Secretary of State for Industry if, taking 1964 as a base year, he will express the yearly level of 460W industrial investment between 1964 and 1975; and how this compares with Great Britain's major competitors.
Mr. Alan WilliamsThe index of annual investment in real terms by United Kingdom manufacturing industry, taking 1964 as base year, is shown in the table.
The available data for our major competitors are not strictly comparable, and the main differences are indicated in the footnotes. No data in real terms are readily available for Germany, Japan or the United States.
Meaningful comparisons could not be made from data at current prices (which are more generally available) because of different rates of inflation, especially in recent years.
FIXED INVESTMENT IN MANUFACTURING INDUSTRY (1964=100) United Kingdom France Italy (1) (2) (3) 1965 111 103 79 1966 114 112 87 1967 111 116 99 1968 119 118 110 1969 127 * 122 1970 136 [157] 138 1971 128 [167] 140 1972 111 * 140 1973 119 * 164 1974 134 * * 1975 116 * * * Not available. (1) Based on data at 1970 prices. (2) Based on data at 1963 prices; [[...] figure, are based on an estimate for 1964, and include construction; other figures include fishing and quarrying of building materials, and exclude construction. (3) Based on data at 1970 prices; includes ruining and quarrying, construction, gas, electricity and water. Sources: United Kingdom—Department of Industry. Other countries—National Accounts of OECD Countries. Except []—UN Yearbook of National Accounts Statistics.