Below is the text of Mr Major’s written Parliamentary Answer on the Investment on 30th June 1989.
Mr. Gordon Brown To ask the Chancellor of the Exchequer whether he will show for 1988 the total level of fixed investment by industrial and commercial companies in (a) plant and machinery, (b) dwellings, (c) company cars, (d) other vehicles, (e) other new buildings and works, (f) purchases less sales of land and existing buildings and (g) all fixed assets.
Mr. Major Total fixed investment by industrial and commercial companies in 1988 is estimated at £37,461 million. The analysis by type of asset is not yet available. An analysis will be published in the 1989 edition of the “United Kingdom National Accounts” in September, but will not distinguish between company cars and other vehicles.
Mr. Jack To ask the Chancellor of the Exchequer what are the latest projections for the growth of manufacturing investment in 1989.
Mr. Major The latest Department of Trade and Industry investment intentions survey published in June projected manufacturing investment in constant prices to rise by 15 per cent. in 1989 on a year earlier. The latest CBI quarterly trends survey published in April confirms this buoyant outlook.