§ Mr. Dell
On 17th December 1975 the Bank of England re-stated the qualitative guidance to banks and finance houses. This asked the banks and finance houses to ensure that any expansion of their business in the period immediately ahead was directed to the needs of manufacturing industry for working capital, the expansion of exports, saving of imports and to domestic industrial investment. Banks and finance houses were also 141W asked to maintain their existing restraint on lending to persons and to property companies. This qualitative guidance should ensure that any increase in bank lending resulting from increased demand for funds following the fall in interest rates is channelled in the right direction.
§ Mr. Carter
asked the Chancellor of the Exchequer if he will publish in the Official Report for each of the past 10 years the percentage of GNP debted to industrial investment.
§ Mr. Denzil Davies
The following table shows gross domestic fixed capital formation in the industries covered by the index of industrial production—mining and quarrying, manufacturing, construction, gas, electricity and water—as a percentage of gross national product at market prices:
1965 6.9 1966 7.2 1967 7.0 1968 6.4 1969 6.3 1970 6.2 1971 5.8 1972 5.0 1973 5.1 1974 6.3 1975* 6.6 *Preliminary estimate
§ Mr. Carter
asked the Chancellor of the Exchequer if the Government has a target figure for investment in its economic strategy.