§ 29. Mr. Ian Taylor
To ask the Chancellor of the Exchequer what is the latest forecast for 1994–95 of(a) the rate of growth of gross domestic product and (b) the rate of inflation.
§ Mr. Portillo
In the November 1993, "Financial Statement and Budget Report", GDP was forecast to grow by 2.5 per cent. in 1994–95. Underlying inflation, as measured by the RPI excluding mortgage interest payments, was forecast to be 3.25 per cent. in the fourth quarter of 1994. A new forecast will be published in the summer.