The Rt. Hon. Sir John Major KG CH

Category: Chief Secretary (1987-1989)

  • Mr Major’s Written Parliamentary Answer on Interest Rates – 26 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Interest Rates on 26th January 1988.

    Mr. Austin Mitchell To ask the Chancellor of the Exchequer what estimate he has made of the correlation between interest rates and the public sector borrowing requirement from 1979 to 1987.

    Mr. Major My right hon. Friend the Chancellor has made no estimate. United Kingdom interest rates are influenced by numerous factors including interest rates abroad, inflationary expectations, financial innovation and private sector borrowing, in addition to public sector borrowing. Consequently, simple correlations between interest rates and the public sector borrowing requirement are uninformative.

  • Mr Major’s Written Parliamentary Answer on the Exchange Rate – 26 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on the Exchange Rate on 26th January 1988.

    Mr. Austin Mitchell To ask the Chancellor of the Exchequer if he will set out in tabular form the relationship between the three-monthly change for the period 1975 to 1987 in the real exchange rate and the three-monthly change in (a) exports (volume), (b) imports (volume), (c) profits, (d) the retail prices index, (e) gross national product growth, (f) the level of domestic economic industry and (g) unemployment, all one year later.

    Mr. Major The figures requested are all readily available from published sources. The volume of exports and imports, industrial and commercial company gross trading profits, the retail prices index, industrial production and the level of unemployment may all be found in Economic Trends. Figures for the gross national product may be found in the monthly digest of statistics. There is no unique measure of the real exchange rate. Figures for the sterling exchange rate index and various measures of United Kingdom competitiveness are published in Economic Trends.

  • Mr Major’s Written Parliamentary Answer on Personal Incomes (Statistics) – 25 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Personal Incomes (Statistics) on 25th January 1988.

    Mr. Austin Mitchell To ask the Chancellor of the Exchequer what evidence he has on whether increases in wage rates in manufacturing industry have led to inflation; and if he will include in the Official Report a table showing for the period since May 1979 the increase in (a) median earnings of blue collar workers, (b) median earnings of white collar workers, (c) the remuneration of directors of public companies and (d) the earnings of those employed in the financial sector.

    Mr. Major [holding answer 22 January 1988]: Wage rates in manufacturing are more likely to be a determinant of manufacturing employment and I would draw the hon. Member’s attention to the Treasury paper “The Relationship between Employment and Wages”, published in January 1985.

    On the second part of the question, the hon. Member’s attention has on numerous occasions been drawn to the publications in which such information as is available may be found. In this instance, the New Earnings Survey will provide all information requested except details of remuneration of directors of public companies which are not normally collected by Government.

  • Mr Major’s Written Parliamentary Answer on the Economic Model – 18 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on the Economic Model on 18th January 1988.

    Mr. Jack To ask the Chancellor of the Exchequer when he last reviewed the operation of the Treasury economic model.

    Mr. Major The performance of the Treasury economic model is continuously monitored and the relationships updated. It is also subject to periodic scrutiny by the Treasury academic panel.

  • Mr Major’s Written Parliamentary Answer on Interest Rates – 18 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Interest Rates on 18th January 1988.

    Dr. Reid To ask the Chancellor of the Exchequer what is his estimate of the extra borrowing costs to industry incurred by a rise of 1 per cent. in interest rates.

    Mr. Major The cost to industrial and commercial companies of a one percentage point rise in United Kingdom short-term interest rates maintained for a full year is estimated to be about £400 million. The estimate is based on their holdings of financial assets and liabilities at the end of the second quarter of 1988, the latest period for which comprehensive data are available.

  • Mr Major’s Written Parliamentary Answer on Rating Revaluation – 18 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Rating Revaluation on 18th January 1988.

    Mr. Alexander To ask the Chancellor of the Exchequer when he expects to publish the findings of the Inland Revenue survey into the likely effects of the 1990 revaluation for the introduction of the national non-domestic rate.

    Mr. Major I expect that an announcement covering this point will be made shortly.

  • Mr Major’s Written Parliamentary Answer on Job Creation – 18 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Job Creation on 18th January 1988.

    Mr. Cohen To ask the Chancellor of the Exchequer if, further to his answer of 28 October 1987, he will provide his estimate of the short-run effect over a live-year period upon jobs created for the expenditure or £1 billion in (a) defence spending, (b) public transport, (c) construction, (d) health and (e) education, based on the current Treasury model and current underlying assumptions.

    Mr. Major It has not been the practice to publish estimates of the economic effects of changes in public expenditure.

  • Mr Major’s Written Parliamentary Answer on Productivity – 18 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Productivity on 18th January 1988.

    Mr. Butler To ask the Chancellor of the Exchequer by how much productivity has increased in the United Kingdom since 1979.

    Mr. Major In the third quarter of 1987, output per head in the whole economy was 19 per cent. higher than in 1979. In the three months to October 1987 manufacturing output per head was 41 per cent. higher than in 1979.

  • Mr Major’s Written Parliamentary Answer on the Confederation of British Industry – 14 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on the Confederation of British Industry on 14th January 1988.

    Mr. Pike To ask the Chancellor of the Exchequer when he last met the director general of the Confederation of British Industry; and what matters were discussed.

    Mr. Major My right hon. Friend last met the director general of the Confederation of British Industry at the meeting of the National Economic Development Council on Wednesday 13 January. The council discussed the outlook for the economy; a report on the knitting industry and international competitiveness, research and development and action by economic development committees.

  • Mr Major’s Written Parliamentary Answer on Unemployment Costs – 14 January 1988

    Below is the text of Mr Major’s written Parliamentary Answer on Unemployment Costs on 14th January 1988.

    Mr. Boyes To ask the Chancellor of the Exchequer if he will commission research into the total cost of unemployment in the north; and if he will make a statement.

    Mr. Major No.