§ Mr. Churchillasked the Chancellor of the Exchequer, taking February 1974 as 100, what was the index of the United Kingdom's industrial production in February 1978; and what percentage per annum growth rate this represents.
§ Mr. Denzil DaviesThe provisional all-industries index of industrial production for February 1978, seasonally adjusted and resealed to February 1974=100, was 100.6. This represents an annual growth rate of some 0.15 per cent. between February 1974 and February 1978. But the use for some industries of series which measure deliveries rather than production can result in the index overstating the level of output when industry is drawing on stocks of finished goods—as it was during the three-day working week—or understating the level when stocks are being built up. This effect makes the assessment of growth since February 1974 particularly hazardous.