Category: Chief Secretary (1987-1989)

Below is the text of Mr Major’s written Parliamentary Answer on Economic Growth on 9th July 1987.

Mr. Wilkinson Asked the Chancellor of the Exchequer how the growth of economic output in the United Kingdom since 1983 compares with that of other major industrialised countries.

Mr. Major Since 1983 output in the United Kingdom has grown faster than in any other major European economy.

Mr. John Hunt Asked the Chancellor of the Exchequer what is his latest estimate of the growth of the output in the economy.

Mr. Gwilym Jones Asked the Chancellor of the Exchequer what is his latest estimate of the growth of output in the economy.

Mr. Major Measured at 1980 prices, the average estimate of gross domestic product at factor cost is provisionally estimated to have risen by 3.5 per cent. in the year to the first quarter of 1987.

Below is the text of Mr Major’s written Parliamentary Answer on Privatisation on 9th July 1987.

Mr. Stott Asked the Chancellor of the Exchequer what is his latest estimate of receipts from privatisation for the year 1987-88.

Mr. Major £5 billion.

Below is the text of Mr Major’s written Parliamentary Answer on Unit Labour Costs on 9th July 1987.

Sir Anthony Meyer Asked the Chancellor of the Exchequer what are the latest figures for the growth of unit labour costs.

Mr. Major In the fourth quarter of 1986, wages and salaries per unit of output in the whole economy were 5.2 per cent. above the corresponding period of 1985. In the manufacturing sector, in the three months to April 1987, wages and salaries per unit of output were 0.9 per cent. above the corresponding period a year earlier.

Below is the text of Mr Major’s written Parliamentary Answer on Overseas Assets on 7th July 1987.

Mr. Cohen Asked the Chancellor of the Exchequer if he will publish a table showing for each year since 1979 the total of United Kingdom-owned assets overseas, broken down by country and into figures for the public and private sectors.

Mr. Major Estimates of United Kingdom owned assets overseas are published in the annual Pink Book, “United Kingdom Balance of Payments”, copies of which are in the Library. The 1986 edition showed summary information in table 1.2 each year between 1966 and 1985, distinguishing public sector and private sector assets; further details are shown in section 9. Figures for end-1986 will be published in August and are expected to show total overseas assets net of liabilities of around £110 billion.

An analysis of total overseas assets by country is not available. However, details of the book value of direct investment assets analysed by country were published in an article in the 22 May 1987 issue of “British Business”. These figures are collected only every three years, the latest relating to end-1984. Also, information on United Kingdom banks’ overseas claims, by country, is published quarterly in table 14 of the Bank of England Quarterly Bulletin. Copies of these publications are in the Library.

Below is the text of Mr Major’s written Parliamentary Answer on Afforestation on 6th July 1987.

Dr. David Clark Asked the Chancellor of the Exchequer what return to the nation is expected for new afforestation proposals made by the Forestry Commission; and if he will publish any guidelines on this subject which have been issued by his Department to the Forestry Commission.

Mr. Major The overall financial targets set for the Forestry Commission are to achieve an overall return, in real terms, of 3 per cent. on its forest estate and 5 per cent. on its commercial recreation investment. It also has objectives in the fields of rural employment, recreation and the environment. The commission’s performance over the period from 1982 to 1987 will be reviewed later in the year when the accounts for 1986-87 are completed and performance targets for the next three years will then be set.