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Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 26th January 1989.

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Photo of Mr Nigel Lawson Mr Nigel Lawson The Chancellor of the Exchequer 12:00 am, 26th January 1989

My hon. Friend is right. We have had increasingly in recent years an excellent performance on investment. Investment growth last year was probably the highest ever and certainly private investment last year was the highest percentage of GDP since records began in 1955. As my hon. Friend indicated, over the whole of our period of office since 1979, investment grew at 27¾ per cent. compared with only 25¾ per cent. for consumption, whereas under the Labour Government, consumption was up by 10½ per cent. and investment only a puny 1½per cent.