HC Deb 11 November 1982 vol 31 c249W
Mr. Deakins

asked the Chancellor of the Exchequer to what major factors he attributes the current world recession.

Mr. Bruce-Gardyne

Higher oil prices which began the current recession; lax economic policies in the past which postponed the need to adjust; structural rigidities in the major economies, and prospective budgetary deficits out of proportion with domestic savings ratios, especially in the United States, are among the principal reasons why the world economy is undergoing a difficult transition to a period of lower inflation.