Below is the text of Mr Major’s written Parliamentary Answer on Business Activity on 16th June 1988.
Mr. McCrindle To ask the Chancellor of the Exchequer if he will indicate the rate at which business activity is currently expanding in the United Kingdom; and if he has any evidence of developing bottlenecks.
Mr. Major The output measure of GDP is provisionally estimated by the Central Statistical Office to have increased by 4.5 per cent. in the year to the first quarter of 1988. The CBI’s latest quarterly industrial trends survey shows little evidence of capacity constraints, with the vast majority of firms (86 per cent.) reporting capacity at least adequate to meet expected demand over the next 12 months.