§ Mr. John EvansTo ask the Secretary of State for Trade and Industry if he will make a statement on levels of investment in manufacturing industry in the last decade.
§ Mr. Norman LamontI have been asked to reply.
The most recent full year for which information is available is 1988. Manufacturing investment at 1985 prices including leased assets, is estimated to have been £11.3 billion in 1988, compared to £10.7 billion in 1978. The 1988 figure is the highest recorded and amounts to an average growth rate of 8¼ per cent. a year from the 1983 level. Under the last Labour Government, manufacturing investment grew by less than 2= per cent. a year averaged over the whole period of office.