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Published online by Cambridge University Press: 26 March 2020
In 1968, the last year in which output grew rapidly, the index of industrial production advanced by more than 5 per cent. Throughout 1970 and 1971 output grew by less than 1 per cent per annum. The revival started in the spring of 1972 after a substantial drop in production caused by the miners' strike (chart 1). By the last quarter the index of industrial production was 7 per cent above the level recorded a year earlier though output for the year as a whole was probably only some 3 per cent up on 1971. The index covering manufacturing industry alone followed a similar trend. Last February we forecast 3.7 per cent growth in industrial production but two major strikes—the miners' in the winter and the building workers' in the summer—prevented output from growing as rapidly as it might otherwise have done.
page 48 note (1) National Institute Economic Review no. 59, February 1972, pages 38-9.
page 49 note (1) See pages 55-6 (on strikes).
page 50 note (1) The present 25 per cent purchase tax is expected to be re placed by 10 per cent VAT, National Institute Economic Review no. 60, May 1972, page 18, table 11.
page 51 note (1) During January-November the value of complete cars exported was 15 per cent below the same period in 1971 whilst the value of ‘knocked down’ car exports fell by 9.5 per cent. The export value of parts and components (including those for road motor vehicles other than cars) increased by 6 per cent however.
page 52 note (1) More than 100 engines were delivered to Lockheed last year; almost 120 of the three-engined Tristars have been sold plus options on a further 82.
page 52 note (2) The major participants are West Germany and France with the Netherlands, Spain and Britain (represented by Hawker- Siddeley in a private capacity) making minor contributions.
page 52 note (1) See below, page 54 (on Energy).
page 53 note (1) The likely impact of the new arrangements is discussed in an article on paper and board by G. F. Ray and S. W. Davies in National Institute Economic Review, no. 62, November 1972, pages 44-58.
page 53 note (2) See National Institute Economic Review, no. 55, February 1971, page 58, chart 4.
page 54 note (1) To qualify for a grant under the Hotel Development Incentives Scheme, which stimulated the boom, construction work must be completed by 31 March 1973.
page 54 note (2) A detailed analysis of the energy situation was published in a special article in National Institute Economic Review no. 62, November 1972, pages 61-74.
page 54 note (3) See calendar (18 February), National Institute Economic Review no. 60, May 1972, page 71.
page 54 note (1) See calendar (11 December) on page 92 of this issue.
page 54 note (2) A large part of the increase in oil consumption was due to the 32 per cent rise in oil usage at public power stations. The quantity of gas available in the first three quarters of last year was 35 per cent higher than in 1971. In the same period electricity sent out rose 3 1/2 per cent.