Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 23 July 1974.

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Photo of Mr Giles Radice Mr Giles Radice , Chester-le-Street 12:00, 23 July 1974

Just a moment. That applies to the North, Scotland and Wales without overheating the rest of the economy. All the evidence, including statements made by a number of leading firms to the House of Commons Expenditure Committee, indicates that, despite the effect of inflation on the value of REP, many firms in development areas have come to rely on REP as an important factor in their profitability. In terms of job creation, between 1968 and 1970, REP created between 20,000 and 50,000 new jobs, and my right hon. Friend has estimated that his total package, including REP, will result in about 120,000 new jobs.