West Midlands

Part of Oral Answers to Questions — Industry – in the House of Commons at 12:00 am on 29th November 1982.

Alert me about debates like this

Photo of Mr Norman Lamont Mr Norman Lamont , Kingston upon Thames 12:00 am, 29th November 1982

The Government's expectation is that GDP and output will grow this year. That is a view shared by outside forecasts. The consensus of outside forecasts is that GDP will grow by 2 per cent. in 1983 compared with 1982, and the national insurance surcharge reduction will give £1·5 billion aid to industry. Of course industry has had a difficult time. What the hon. Member has to tell the House is whether the Labour Party's plan for a 30 per cent. devaluation, higher public spending, higher inflation and higher interest rates will do other than add to unemployment. It is little wonder, therefore, that the Shadow Foreign Secretary disowned the Labour Party's plan.