§ Mr. Campbell-Savoursasked the Chancellor of the Exchequer what is his estimate of the net effect (a) in the current financial year and (b) in the financial year 1981–82 of the measures which he announced on 24 November in addition to the increases announced in employers' national insurance contributions on the costs of the manufacturing industry.
§ Mr. Biffen[pursuant to his reply, 1 December 1980]: The purpose of the measures announced on 24 November was to ensure that the PSBR in 1981–82 was consistent with the Government's medium-term economic strategy, and, within that framework, to ease the burden falling on industry by reducing the level of interest rates. The net effect in both the current financial year and in the financial year 1981–82 will depend on how the economy as a whole reacts to these measures. I regret therefore that I cannot provide the hon. Member with an accurate estimate.