§ 46. Mr. Rostasked the Chancellor of the Exchequer if he is satisfied with the current level of industrial production.
§ Mr. Joel BarnettNo. There will be few if any Members on either side of the House who regard the consequences of the worst recession since the war with any satisfaction.
§ 47. Mr. David Priceasked the Chancellor of the Exchequer when he expects to be able to reach the Scenario II targets for the growth of British manufacturing industry of 7.9 per cent. a year put forward by the Government and the National Economic Development Council in August 1976 and subsequently adopted as part of the Government's industrial strategy.
§ Mr. Joel BarnettThe forecast published in a Treasury Press release of 26th October 1977 shows manufacturing output growing by 3½ per cent. between the second half of 1977 and the second half of 1978. I cannot provide a forecast for manufacturing output beyond that time, but it remains the purpose of the industrial strategy to raise the rate of growth substantially.