§ 20. Mr. McKayasked the Chancellor of the Exchequer the increase in the retail prices from 1948 to 1953 as a percentage of the 1948 figure on the basis of the Treasury index.
§ Mr. R. A. ButlerThe price index for all consumer goods and services, calculated annually for national income purposes, rose by 25 per cent. from 100 in 1948 to 125 in 1953.
§ Mr. McKayIs it not true that if we compare the same period, under the cost of-living index the rise was 30 per cent., which shows that the Treasury indices are rising at a much slower rate? Is the Chancellor aware that the Economic Secretary said that the index of Treasury calculations had risen from 1945 to 1953 by 49 per cent., so that the rise is now nearly 156 per cent., presuming that the Ministry of Labour index of June, 1947, had been in operation from 1945.
§ Mr. ButlerI followed very closely the interchange between the hon. Gentleman and the Economic Secretary. If he wishes for further elucidation, I shall be only too glad to see him myself. I think he would be well satisfied with the way the calculations are made.
§ Mr. GaitskellWould the Chancellor try at some time to enlighten us about the differences between these indices? is it not a fact that there are three or four different indices which show different price increases between 1946 and the present day? Would the right hon. Gentleman bear in mind the possibiilty of issuing a clarifying statement?
§ Mr. ButlerIn answering Questions, we always try to indicate the nature of the basis of our answer when we refer to a particular index, as the right hon. Gentleman will have observed. If there is confusion on this matter, I will see what can be done to clear up the basis on which the answer is given.