§ Mr. Murphyasked the Secretary of State for Industry whether he is satisfied with the present size of, and prospects for, the petrochemicals and plastics industry; and whether he has any evidence that there will be further contraction in the industry in 1982.
§ Mr. MacGregorThe petrochemicals and plastics industry throughout Europe is suffering from long-term over-capacity, the effects of which are being aggravated by the world-wide recession, with damaging effects on company profitability, though there have been some indications of improvement in recent months, particularly in export markets. In this situation, companies have been faced with the need to rationalise their operations. Prosperity in 1982 will largely depend on when there is a general international recovery in demand.