(17865) Dd.145178 400m 5/73 G.W.B.Ltd. Gp.863
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CONFIDENTIAL
4. But surely this average real growth rate of 11% is mislead- ing. Is not the increase in public spending actually slowing- down?
Yes. The deflated figures in question 3 indicate that the real growth rate will decline to about 71% in 1978/79′ and to less than 7% in 1979/80 from about 11% in 1976/77 and an average of about 12% a year for 1972/73 to 1976/77. The se figures are below the rate of approximately 13% (12-14%) descri- bed in the Despatch as probably the maximum acceptable from the point of view of administration and control.
CONFIDENTIAL
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