§ Mr. Bryan Daviesasked the Secretary of State for the Environment what public funds will be used to cover the loss incurred on the resale of sites and on abortive fees resulting from housing association projects cancelled as part of the July 1976 public expenditure savings.
§ Mr. FreesonOn 15th March I told the House that a total loss of about £4 million would fall on public funds as a result of the cancellation of these schemes.
Parliamentary approval for expenditure to cover payments to the Housing Cor-
1st quarter 2nd quarter 3rd quarter 4th quarter (Seasonally adjusted) 1970 … … … … … … 99.4 99.8 100.2 100.6 1971 … … … … … … 99.9 100.7 100.2 100.3 1972 … … … … … … 96.9 103.0 103.6 106.3 1973 … … … … … … 109.7 109.5 110.6 109.8 1974 … … … … … … 103.9 108.8 109.0 105.6 1975 … … … … … … 104.8 101.0 100.0 100.8 1976 … … … … … … 101.4 102.5 101.8 103.2 1977 … … … … … … 103.5 102.2 102.4 — Industrial production fell by around 6 per cent. between the third quarters of 1974 and 1977. Larger falls, over a comparable time scale of three years in the period since 1970, were recorded between each of the first three quarters of 1973 and the corresponding quarters of 1976.