HUGE SCALE PRODUCTION DRIVE

Chronicle (Levin), 21 December 1948, Page 5

HUGE SCALE PRODUCTION DRIVE

( N.Z.P.A ,

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Britain's Long-Term Recovery Plan Massive Investments Envisaged

Caoyriaht)

Received Tu'esday, 10.25 a.m. BONDON, December 20. The British Government's long-term recovery plan, which was announced today, provides for an expenditure of upwards of £1,735,000,00.0 from 1949 to 1953 oh a huge scale production drive. The plan envisages a massive investment programme to support the production targets. It Will provide more meat, eggs, oil and fats for the British people and an increase in clothing and household sroods.

The plan is described as the out-' line of the policies which Britain | proposes to follow in order to j achieve and maintain a satisfac- I tory level of economic activity without extraordinary outside as- 1 sistance by 1953. The agricultural output is to be | increased above the highest point ] reached in the war years. It is hoped to raise the coal output by a quarter, the generating capacity by a half and to double the worldwide production of the British oil industry as compared with the 1947 levels. The export of coal is to be restored to the traditional scale. The steel output is to be increased by a

sixth above the present level. The engineering industries, already half as great again as before the war, are to be called1 on to expand still further. A massive investment programme concentrat'ed on the vital sectors of the economy is designed to support these targets and to foster production overseas of commodities essential to European recovery. The investment resources in Britain will be concentrated on developments whicii contribute directly to the nation's economic strength. More than two-thirds of these resources are to be devoted to industrial and agriculture investment and under one-quarter to housing and social services.