§ Mr. Campbell-Savoursasked the Chancellor of the Exchequer how much he calculates industry will benefit as a result of the recent reduction in minimum lending rate; and if he will make an estimate of this benefit in money terms for industry as a whole.
§ Mr. LawsonThe reduction in minimum lending rate was one of a number of measures which were announced on 24 November and should be seen in the context of those, and also of the fall on the rate of inflation. It is not possible to predict the full macroeconomic consequences of the measures announced nor to quantify the resulting changes in activity. But that industry will benefit from the reduction in MLR is not in doubt.