HC Deb 04 April 1979 vol 965 cc932-3W
Mr. Lawson

asked the Chancellor of the Exchequer if he will publish index numbers, taking October 1974 as a base, to show the net change in the following economic variables since that date (a) unemployment, (b) the retail price index, (c) United Kingdom cost inflation calculated on a quarterly basis, (d) the balance of payments on non-oil account, (e) productivity and (f) the average level of import penetration among manufacturers.

Mr. Denzil Davies,

pursuant to his reply [Official Report, 28 March 1979; Vol. 965, c. 233], gave the following answer:

The latest information available is given in the table below. Since some of the economic variables required are only available only on a quarterly basis, the

Base period Latest period available Index number
Unemployment(1) October 1974=100 March 1979 211.6
Retail price index October 1974=100 February 1979 184.5
United Kingdom cost inflation(2) Q4 1974=100 Q4 1978 167.9
Productivity(3) O3 1974=100 O3 1978 107.7

The balance of payments on non-oil account—

Current balance, excluding trade in oil(4) (£ million, seasonally adjusted)

1974 Q4 -96
1978 Q4 +878

Import penetration—

Imports of manufactured goods(5) as a percentage of home demand(6)

12 months ending December 1974 23
12 months ending September 1978 25

Notes:

  1. (1) Unemployed in United Kingdom, excluding school-leavers, seasonally adjusted. Because of industrial action by some staff in the Department of Employment Group, the figure for October 1974 includes some estimates.
  2. (2) Implied index of total home costs derived from the expenditure estimates of gross domestic product at current and constant prices.
  3. (3) Output per person employed in the whole economy.
  4. (4) Trade in oil is defined as trade in petroleum and petroleum products (Division 33 of the Standard International Trade Classification).
  5. (5) Manufactured goods exclude the products of the following industries-Standard Industrial Classification MLH 239, 240, 342, 396, 423, 433, 474.
  6. (6) Home demand equals manufactured sales plus imports less exports.

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