Welsh Affairs

Part of the debate – in the House of Commons at 6:49 pm on 28 February 1991.

Alert me about debates like this

Photo of Mr Denzil Davies Mr Denzil Davies , Llanelli 6:49, 28 February 1991

We always listen to the hon. Member for Cardiff, Central (Mr. Grist) with close interest when he dwells on his responsibilities when he was in the Welsh Office, but today he strayed on to the economy. It would have been better if he had drawn a veil over the Government's record from 1979 to 1991—the past 12 years. We bequeathed to the Government a balance of payments surplus—more important, a surplus in manufacturing goods—in 1979. Last month, there was a deficit of £1·1 billion in one month, with a recession and interest rates of 13·5 per cent. In the coming year, the manufacturing deficit is likely to be between £12 billion and £15 billion. That is the measure of the decline in manufacturing industry caused by the Government. They frittered away, not only the surplus, but almost £100 billion of oil revenues.

Perhaps the hon. Member for Cardiff, Central will explain why the savings ratio during the past 12 years has been the lowest in Britian for a long time. If the Government are so concerned about savings, why is the ratio so low?