The Rt. Hon. Sir John Major KG CH

Tag: 1989

  • Mr Major’s Written Parliamentary Answer on Economic Growth – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Economic Growth on 26th January 1989.

    Mr. Squire To ask the Chancellor of the Exchequer if he will make a statement about the current level of economic growth.

    Mr. Oppenheim To ask the Chancellor of the Exchequer if he will make a statement about the current level of economic growth.

    Mrs. Gorman To ask the Chancellor of the Exchequer if he will make a statement about the current level of economic growth.

    Mr. Hunter To ask the Chancellor of the Exchequer if he will make a statement about the current level of economic growth.

    Mr. Major Gross domestic product is likely to have grown by around 4½ per cent. in 1988. This would be the fourth consecutive year of growth in excess of 3 per cent. – a performance unmatched since the war.

    Mr. Knapman To ask the Chancellor of the Exchequer if he will make a statement on the composition of growth in the United Kingdom as between consumer expenditure, exports and investment over the period 1981 to the latest available date.

    Mr. Quentin Davies To ask the Chancellor of the Exchequer if he will make a statement on the composition of growth in the United Kingdom as between consumer expenditure, exports and investment over the period 1981 to the latest available date.

    Mr. Kirkhope To ask the Chancellor of the Exchequer if he will make a statement on the composition of growth in the United Kingdom as between consumer expenditure, exports and investment over the period 1981 to the latest available date.

    Mr. Arbuthnot To ask the Chancellor of the Exchequer if he will make a statement on the composition of growth in the United Kingdom as between consumer expenditure, exports and investment over the period 1981 to the latest available date.

    Mr. Major Since 1981 consumers expenditure in real terms has grown on average by 3½ per cent. per year, compared with 5 per cent. for investment and 4 per cent. for exports.

  • Mr Major’s Written Parliamentary Answer on Balance of Payments – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Balance of Payments on 26th January 1989.

    Mr. McLeish To ask the Chancellor of the Exchequer if he will state the current balance of payments as a proportion of gross domestic product.

    Dr. Godman To ask the Chancellor of the Exchequer what is the current balance of payments as a proportion of gross domestic product.

    Mr. Tom Clarke To ask the Chancellor of the Exchequer if he will state the current balance of payments as a proportion of gross domestic profit.

    Mr. Major In the latest 12 months for which figures are available the current account deficit as a proportion of gross domestic product was 2½ per cent.

    Mr. Strang To ask the Chancellor of the Exchequer if he will list his policies which are aimed at reducing the balance of payments deficit; and if he will make a statement.

    Mr. Major The rise in the current account deficit has primarily reflected the strength of domestic demand. The Government responded appropriately by tightening monetary policy and the effects of this are already beginning to bite, particularly in the housing market and in the retail sector. However, as my right hon. Friend the Chancellor has made clear, the current account deficit is likely to be one of the last indicators to respond.

    Mr. Battle To ask the Chancellor of the Exchequer if he will give his latest forecast for the United Kingdom’s balance of payments.

    Mr. Cohen To ask the Chancellor of the Exchequer if he will give his latest forecast for the United Kingdom’s balance of payments.

    Mr. McFall To ask the Chancellor of the Exchequer if he will give his latest forecast for the United Kingdom’s balance of payments.

    Mr. Major The Autumn Statement forecast a current account deficit this year of £11 billion. There will be a new forecast published on Budget day in the usual way.

  • Mr Major’s Written Parliamentary Answer on the Economy (North-West) – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on the Economy (North-West) on 26th January 1989.

    Mr. Tony Lloyd To ask the Chancellor of the Exchequer what assessment he has made of the long-term future of the economy of north-west England.

    Mr. Parry To ask the Chancellor of the Exchequer what assessment he has made of the long-term future of the economy of the north-west.

    Mr. Major The Government do not publish long-term forecasts of the regional economies, but my assessment is that the prospects for north-west England are good, deriving from a more broadly based and flexible economy. For example, the region has one of the most rapidly falling unemployment rates in the United Kingdom.

    Mr. Sumberg To ask the Chancellor of the Exchequer what has been the economic growth rate in the north-west of England for the last two years for which figures are available.

    Mr. Major The growth of GDP at factor cost in current prices in the north-west region is estimated to have been 10.1 per cent. between 1985 and 1986, and 7.4 per cent. between 1986 and 1987. These estimates are subject to revision, particularly the provisional 1987 figure.

  • Mr Major’s Written Parliamentary Answer on the Trade Deficit – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on the Trade Deficit on 26th January 1989.

    Dr. Reid To ask the Chancellor of the Exchequer if he will give the latest forecast for the United Kingdom trade deficit.

    Mr. Major The latest forecast was published in the Autumn Statement.

  • Mr Major’s Written Parliamentary Answer on Business Start-Ups – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Business Start-Ups on 26th January 1989.

    Mr. Andrew Mitchell To ask the Chancellor of the Exchequer what has been the average weekly rate of business start-ups in net terms in 1988.

    Mr. Major In 1987, the latest year for which figures have been published by the Department of Employment, the net increase in the number of businesses registered for VAT was 45,000 – an average of approaching 900 a week. Indications are that the rate of increase in 1988 is even faster. The number of VAT registrations and de-registrations processed by Customs and Excise during 1988 indicate a net increase of more than 1,200 a week. Department of Employment figures for 1988 will be available in the summer.

  • Mr Major’s Written Parliamentary Answer on the Budget Surplus – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on the Budget Surplus on 26th January 1989.

    Mr. McAllion To ask the Chancellor of the Exchequer what is his estimate of the budget surplus at present.

    Mr. Roger King To ask the Chancellor of the Exchequer what is his latest forecast for the level of public sector surplus in 1988–89.

    Mr. Jack To ask the Chancellor of the Exchequer what is his latest forecast for the level of public sector surplus in 1988–89.

    Mr. Major I refer the hon. Gentleman and my hon. Friends to the reply that my right hon. Friend the Chancellor of the Exchequer gave earlier today to my hon. Friend the Member for Bridlington (Mr. Townend).

  • Mr Major’s Written Parliamentary Answer on Exports – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Exports on 26th January 1989.

    Dr. Moonie To ask the Chancellor of the Exchequer if he will provide his latest forecast for growth in the United Kingdom’s visible exports in 1989.

    Mr. Clelland To ask the Chancellor of the Exchequer if he will provide his latest forecast for growth in the United Kingdom’s visible exports in 1989.

    Mr. Major I refer the hon. Members to the reply that my right hon. Friend the Paymaster General gave earlier today to the hon. Member for Hemsworth (Mr. Buckley).

  • Mr Major’s Written Parliamentary Answer on Government Expenditure – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Government Expenditure on 26th January 1989.

    Dr. Goodson-Wickes To ask the Chancellor of the Exchequer if he will make a statement on the outlook for general Government expenditure as a percentage of gross domestic product.

    Mr. Neil Hamilton To ask the Chancellor of the Exchequer if he will make a statement on the outlook for general Government expenditure as a percentage of gross domestic profit.

    Mr. Major My right hon. Friend the Chancellor of the Exchequer’s Autumn Statement to the House on November 1988 set out the Government’s plans for public spending. It noted that general government expenditure (excluding privatisation proceeds) in 1988–89 is expected to be below 40 per cent. of GDP for the first time in over 20 years; and that over the next three years it is expected to fall further.

  • Mr Major’s Written Parliamentary Answer on Interest Rates – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on Interest Rates on 26th January 1989.

    Mr. Patchett 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. Morley 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.

  • Mr Major’s Written Parliamentary Answer on National Insurance – 26 January 1989

    Below is the text of Mr Major’s written Parliamentary Answer on National Insurance on 26th January 1989.

    Mr. Ian Taylor To ask the Chancellor of the Exchequer what discussions has he had with the institute for fiscal studies regarding reform of the national insurance contributions system.

    Mr. Major None, but I have noted their proposals.