§ Lord Diamondasked Her Majesty's Government:
What was the average annual growth rate of the United Kingdom economy for the 40, 50 or 60 years (as may be most convenient) prior to 1979 and for the period since then up to a convenient recent date.
§ The Secretary of State for Employment (Lord Young of Graffham)For the perod 1920 to 1979 the average annual percentage growth rate of gross domestic product at factor cost and at constant prices was 2.1 per cent. The average annual growth rate from 1979 to 1986 was 12.4 per cent. (based on the preliminary output estimate for 1986 published on 18th February). The average annual growth rate from 1981 to 1986 was 2.9 per cent., significantly more than the average growth rate observed in the preceeding sixty-one years.