§ Mr. Parkasked the Secretary of State for Trade and Industry if he will assess the consequences for manufacturing industry of the decline in capital spending per worker in manufacturing from £1,159 million in 1979 to £944 million in 1983 at 1980 prices; and if he will make a statement.
§ Mr. ButcherDespite the fall in capital expenditure per employee in manufacturing during the world recession, there is evidence of more effective utilisation of the capital stock. Output per person employed in manufacturing industry rose by around 6 per cent. in both 1982 and 1983 and is now 13 per cent. higher than its previous cyclical peak in the second quarter of 1979. Capital expenditure by manufacturing industry in the first quarter of 1984 was 14 per cent. higher than a year earlier. The results of the Department's latest investment intentions survey indicate a rise of 12 per cent. in the volume of investment by manufacturing industry in 1984 as a whole, with a further increase in 1985.