The right hon. and learned Gentleman fails to disclose that any fall in investment represents a fall from the dramatically higher level —indeed, the historically high level —of the past few years. The right hon. and learned Gentleman shakes his head, but I gave him the figures yesterday. [Interruption.] The right hon. and learned Gentleman seems to want to ask questions and then to intervene from a sedentary position, but I shall give him the figures anyway.

Total business investment in 1978 amounted to £35·8 billion at 1985 prices. By 1988 the figure had risen to £ 52 billion, in 1989 it had reached ££56 billion, and in 1990 it stood at £55 billion. To criticise the Government for a fall from historically high levels is not to go to the root of the matter.

Of course we regret any reduction in investment, even when it represents a fall from very high levels, but, given the performance of manufacturing industry in the export market, even during the current recession, I am confident that investment will soon bounce back to the levels that we achieved in the late 1980s.