Below is the text of Mr Major’s written Parliamentary Answer on Growth on 12th February 1988.
Mr. Austin Mitchell To ask the Chancellor of the Exchequer, pursuant to the reply of 25 January,Official Report, column 81, concerning the rate of growth in each of the past three decades, to what factors he attributes the higher rate of growth in 1957 to 1967; and whether he expects that rate of growth to be achieved in the next four years.
Mr. Major [holding answer 9 February 1988]: Among other things, the world economic environment was more favourable in the 1950s and 1960s than subsequently. Even so, growth in the non-oil economy over the past six years has averaged 3.3 per cent; higher than in the period 1957–67. The Chancellor will be publishing a forecast to mid-1989 at the time of the Budget.