Below is the text of Mr Major’s written Parliamentary Answer on the Trade Deficit on 21st June 1989.
Mr. Ernie Ross To ask the Chancellor of the Exchequer what is his best estimate of the trade deficit in 1989.
Mr. Patchett To ask the Chancellor of the Exchequer what is his latest estimate of the trade deficit in 1989.
Mr. Major I refer the hon. Members to the reply I gave to the hon. Member for Stretford (Mr. Lloyd) on 6 June at column 115.
Below is the text of Mr Major’s written Parliamentary Answer on the Manufacturing Trade Deficit on 21st June 1989.
Mr. Graham To ask the Chancellor of the Exchequer what is his latest estimate of the manufacturing trade deficit in 1989.
Mr. Allan Roberts To ask the Chancellor of the Exchequer what is his latest estimate of the manufacturing trade deficit in 1989.
Mr. Major I refer the hon. Members to the reply I gave to the hon. Member for Leeds, Central (Mr. Fatchett) on 8 June at column 204.
Mr. Fearn To ask the Chancellor of the Exchequer what is his latest estimate of the deficit in manufactured trade for 1989–90.
Mr. Major The Financial Statement and Budget Report for 1989–90 provides a forecast for trade in manufactures for calendar year 1989 only (table 3.5).
The text of the press release, 11/89, issued by Conservative Central Office on Friday 9 June 1989. The statement was made by John Major at the Don Miguel Restaurant, 316 Kennington Road in London, during a press conference for the Vauxhall by-election. The press release was entitled “Labour’s High Tax Charter”.
CHIEF SECRETARY TO THE TREASURY:
John Smith recently called Britain’s economic miracle a mirage. Steady growth for eight years, outperforming our partners in Europe, rising real incomes, record levels of investment and faster falls in unemployment than the rest of Europe put together. These are solid facts John Smith can’t see.
The only mirage in British politics is the appearance of a reformed Labour party. They have tried to kid the public that the high tax, high spending, interventionist party of old, that all but crippled Britain 15 years ago, has changed. Don’t believe it. All that is reformed is the packaging.
Last week Nigel Lawson exposed their so-called supply side socialism as nothing more than the old nannying, meddling State interventionism which wrecked British industry over a decade ago.
As for public spending, the Review is packed full of Labour’s familiar and unrealistic pledges to every conceivable interest group. The promises they have made are clear. The cost of them is not. But they have owned up to some things:
The Upper Earnings Limit on national insurance contributions would be removed. That would add 9% to the marginal rate for 3 million people.
Labour would also levy NICs on savings income, hitting over a million savers, including half a million pensioners. It is curious that Labour demand more investment and yet propose to penalise investors. Clearly only public investment is worthwhile in their view.
Labour would erode and eventually abolish the Married Couples Allowance. That would mean we would be the only major country in the world with no recognition of marriage in the tax system.
The top rate of tax would go up sharply and John Smith has already admitted that basic rate taxpayers would also be made worse off by their plans.
The truth is that Labour’s so-called Policy Review is little more than a confidence trick. When every other country is trying to reduce its rates of tax, and abolish taxes where it can, Labour are committed to restoring taxes we have abolished, and jacking-up rates of tax.
Labour are the high tax party. We do not yet know how high. Nor do they. Nor can anyone until their spending plans are carefully costed. Without that information their much vaunted Policy Reviews are a mixture of confidence trick and wishful thinking.
Below is the text of Mr Major’s written Parliamentary Answer on Gross Domestic Products (Business Investment) on 8th June 1989.
Mr. Watts To ask the Chancellor of the Exchequer what was the share of gross domestic product represented by business investment in 1988.
Mr. Major Business investment as a share of GDP was 14.6 per cent. in 1988, the highest level recorded.
Mr. Strang To ask the Chancellor of the Exchequer whether he has made any study of the likely effect of a further increase in interest rates on the level of manufacturing investments in the current year.
Mr. Major Developments in the economy are constantly monitored. Manufacturing investment is growing strongly and the outlook remains good.
Below is the text of Mr Major’s written Parliamentary Answer on Net Overseas Assets on 8th June 1989.
Mr. Yeo To ask the Chancellor of the Exchequer what are the latest figures for the identified stock of United Kingdom net overseas assets; and what these represent as a share of gross domestic product.
Mr. Major An estimate of the value of the stock of United Kingdom net overseas assets identified at end-1988 will be included in the Pink Book in August. The latest estimate is of the order of £115 billion to £120 billion, which represents about one quarter of money GDP.
Below is the text of Mr Major’s written Parliamentary Answer on Overseas Assets on 8th June 1989.
Mr. Curry To ask the Chancellor of the Exchequer what are the latest figures for the identified stock of United Kingdom net overseas assets; and what these represent as a share of gross domestic product.
Mr. Major An estimate of the value of the stock of United Kingdom overseas assets identified at end-1988 will be included in the Pink Book in August. The latest estimate is of the order of £115 billion to £120 billion, which represents about one quarter of money GDP.
Below is the text of Mr Major’s written Parliamentary Answer on Output Statistics on 8th June 1989.
Mr. Janman To ask the Chancellor of the Exchequer what are his latest figures for output per hour worked in the United Kingdom.
Mr. Major The April 1989 edition of the “Economic Progress Report” presented estimates by a leading academic which show that output per hour worked in the United Kingdom economy as a whole in 1986 was about 50 per cent. higher than in Japan and only 5 per cent. lower than Germany.
Below is the text of Mr Major’s written Parliamentary Answer on Balance of Trade on 8th June 1989.
Ms. Walley To ask the Chancellor of the Exchequer what is his latest forecast of the balance of trade in visible goods in 1989.
Mr. Major I refer the hon. Member to the reply I gave to the hon. Member for Stretford (Mr. Lloyd) on 6 June.
Mr. Teddy Taylor To ask the Chancellor of the Exchequer what importance he attaches to the balance of trade (a) with the rest of the EEC and (b) with the rest of the world; and what account he takes of the EEC deficit when framing his economic policies.
Mr. Major The overall current account is one indicator among many that are assessed within the framework of the Government’s financial strategy. Movements in trade balances with individual economies or groups of economies will reflect, among other developments, changes in the United Kingdom’s commercial and trading arrangements with them.
Below is the text of Mr Major’s written Parliamentary Answer on the Gross Domestic Product on 8th June 1989.
Mr. Hanley To ask the Chancellor of the Exchequer what was the growth of gross domestic product in 1987 and 1988.
Mr. Andy Stewart To ask the Chancellor of the Exchequer what was the growth of gross domestic product in 1987 and 1988.
Mr. Major Gross domestic product is estimated to have grown by 4.5 per cent. in both 1987 and 1988.
Below is the text of Mr Major’s written Parliamentary Answer on Business Investment on 8th June 1989.
Mr. Quentin Davies To ask the Chancellor of the Exchequer what was the share of gross domestic product represented by business investment in 1988.
Mr. Michael Brown To ask the Chancellor of the Exchequer what was the share of gross domestic product represented by business investment in 1988.
Mr. Major Business investment as a share of GDP was 14.6 per cent. in 1988, the highest level recorded.