Below is the text of Mr Major’s written Parliamentary Answer on Economic Growth on 21st June 1988.
Mr. Rowe To ask the Chancellor of the Exchequer what is his latest estimate of the growth in the United Kingdom economy in the next 12 months.
Mr. Major [holding answer 16 June 1988]: My right hon. Friend the Chancellor of the Exchequer’s latest forecast was published at Budget time. It showed growth of 3 per cent. in whole economy output in 1988, equivalent to 3.5 per cent. growth on a non-oil basis. However, as my right hon. Friend reported to the House on 16 June at column 554, it now looks as though growth in 1988 may prove slightly higher than this.