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.
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.
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.
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.
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.
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.
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.
Below is the text of Mr Major’s written Parliamentary Answer on Balance of Payments on 14th January 1988.
Mr. Nigel Griffiths To ask the Chancellor of the Exchequer what is his latest forecast for the United Kingdom balance of payments figure for 1987 and 1988.
Mr. Major The Autumn Statement forecast was for a current deficit of £2.5 billion in 1987 and £3.5 billion in 1988.
Mr. Barry Jones To ask the Chancellor of the Exchequer if he will make a statement on the implications for the management of the economy of the current balance of payments.
Mr. Major Present and prospective United Kingdom current account deficits are relatively small as a percentage of GDP and reflect the fast growth of the United Kingdom economy relative to other major countries. The United Kingdom also has a very strong net overseas assets position. As such, the current account position should not pose any major problems. Policy will continue to safeguard against any unsustainable developments.
Below is the text of Mr Major’s written Parliamentary Answer on Capital Investment on 14th January 1988.
Mr. Andrew Smith To ask the Chancellor of the Exchequer what action he proposes to take to stimulate capital investment.
Mr. Major The Government’s economic policies will continue to encourage capital investment by promoting an environment in which business can prosper.
Below is the text of Mr Major’s written Parliamentary Answer on Self-Employment on 14th January 1988.
Mr. Devlin To ask the Chancellor of the Exchequer if he will quantify the extent to which growth in the economy has been reflected in an increase in self-employment over the period since 1979.
Mr. Quentin Davies To ask the Chancellor of the Exchequer if he will quantify the extent to which growth in the economy has been reflected in an increase in self-employment over the period since 1979.
Mr. Major Self-employment in the United Kingdom in June 1987 was over three-quarters of a million higher than in 1979, an increase five times as great as in the previous 30 years. Self-employment has been encouraged by the combination of steady, sustained growth in the economy and the success of supply side policies in stimulating enterprise.