The Conservative Manifesto 1997

OUR RECORD

Inflation has now been below 4% for well over 4 years, the longest period of low inflation for over half a century.

Mortgage rates are at their lowest levels for 30 years.

Unemployment has fallen to its lowest level for 6 years. We now have a lower unemployment rate than any other major European economy. Youth unemployment in Britain has fallen to less than 15% whereas by contrast, in France it has risen to 27% and in Italy to 33%.

A higher proportion of our people are in work than in any other major European economy - 68% against a Continental average of 57%.

The UK is the favourite location for inward investment into Europe, attracting around one third of inward investment into the European Union.

We have the lowest tax burden of any major European economy, with the government taking almost 8% less of national income than the European average.

Public borrowing has averaged 3.4% of GDP since 1979 compared with 6.8% (and a peak of 9.5%) under the last Labour Government. Our level of public debt is now one of the lowest in the European Union - whereas it was one of the highest in 1979.

In 1994 the UK lost 300,000 working days through strikes, the lowest figure ever recorded; in 1979 the figure was 29,500,000: nearly 100 times that figure.

Britain ranks fifth in the world in international trade, and exports more per head than America or Japan. Exports account for 28% of GDP as against 9% for Japan, 11% for USA and 24% for Germany and France. Britain's current account is broadly in balance, reflecting our increased competitiveness and improved trading.