Below is the text of Mr Major’s written Parliamentary Answer on Productivity on 15th February 1989.
Mr. John Marshall To ask the Chancellor of the Exchequer whether he will make a statement about the trends in productivity in British industry.
Mr. Major Manufacturing industry has made great efficiency gains in the 1980s. Productivity in the three months up to November 1988 was 58 per cent. higher than its average level in 1980. This is equivalent to an annual average growth rate of 5.6 per cent. significantly higher than the rate of 1.6 per cent. achieved in the 1970s and 3.1 per cent. in the 1960s. Since 1980 United Kingdom manufacturing productivity growth has been higher than in any other major industrialised country.