§ 20. Mr. Jayasked the Chancellor of the Exchequer what was the percentage rise in wages, salaries and dividends, respectively, during 1959, 1960 and the early months of 1961.
§ Mr. BarberBetween 1958 and 1959 total wages are estimated to have risen by 3½ per cent., total salaries by nearly 7 per cent. and ordinary dividend payments before deduction of tax by 12½ per cent. Between 1959 and 1960 wages and salaries together—separate figures are not yet available—are estimated to have risen by 7½ per cent. and gross ordinary dividend payments by about 24½ per cent. Preliminary indications for the first quarter of 1961 are that wages and salaries were about 9 per cent. higher than a year earlier and gross 187 ordinary dividend payments about 12 per cent. higher than a year earlier.
§ Mr. JayIn view of these figures, will the Chancellor give an undertaking to produce some plan for limiting increases in dividends before talking about more wage restraint?
§ Mr. BarberNo, Sir. Of course, as the right hon. Gentleman knows, moderation is important here as in other increases in personal incomes and I certainly would not wish to minimise its importance. But it is necessary to keep a sense of perspective in this matter. In 1960 dividends, before taxation, amounted to less than £1,000 million while the wage and salary bill totalled £13,570 million.