Economic Growth

Part of Oral Answers to Questions — Economic Affairs – in the House of Commons at 12:00 am on 11th July 1968.

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Photo of Mr Peter Shore Mr Peter Shore , Stepney 12:00 am, 11th July 1968

It certainly shows that comparing the second three-year period with the first the rate of growth was at about half, but that in itself does not explain the reason. The reason, as I see it, is that at the end of the previous three-year period—it greatly affected the average of those three years—we had a year of what I call irresponsible and elec-torally-minded growth of nearly 6 per cent. in G.D.P., the highest that we have ever had, and a year which also coincided with the worst balance of payments crisis that we have had.