§ Mr. Ridleyasked the Chancellor of the Exchequer whether he will estimate the difference in projected gross domestic fixed capital formation between Command Paper No. 6721-I and Command Paper No. 6393, and between Command Paper No. 6721-I and Command Paper No. 5879, for the years 1977–78 and 1978–79; whether he will estimate the difference in projected gross domestic fixed capital formation between Command Paper No. 6721-I and Command Paper No. 5519 for 1977–78; and whether, in each case, he will estimate the effect of the change in expenditure on employment in the construction industry.
§ Mr. Joel BarnettThe estimated differences are:
PUBLIC EXPENDITURE ON GROSS DOMESTIC FIXED CAPITAL FORMATION* £ million at 1976 Survey Prices Difference From To 1977–78 1978–79 Cmnd. 5519 Cmnd. 6721–I -1,430 — Cmnd. 5879 Cmnd. 6721–I -1,490 -1,800 Cmnd. 6393 Cmnd. 6721–I -950 -960 * As defined in Cmnd. 6721–I in all cases. The direct effect on employment in the construction industry of the changes since Cmnd 6393 is estimated as about
212Waccounts and published in section 12 of "National Income and Expenditure 1965–75". The basis of estimation is the so-called perpetual inventory method and is described in Chapter XII of "National Accounts: Sources and Methods".
50,000. This figure follows from the conventional arithmetic, and takes no account of the favourable effect on confidence of the measures announced in December, nor of indirect effects.