§ 27. Mr. Hector Hughes
asked the Chancellor of the Exchequer what steps he has taken during the last two months to reduce the cost of living in Great Britain; and what further steps he proposes to take.
§ The Chancellor of the Exchequer (Mr. Selwyn Lloyd)
I am pursuing policies indicated in my statement of 25th July to improve our balance of payments to strengthen sterling, and to reduce inflationary pressures. The success of these policies is a condition precedent to price stability.
§ Mr. Hughes
Does not the Chancellor of the Exchequer realise that his policy has been so misguided as to help the rich and injure the poor? Will he, therefore, take the advice of better and distinguished economists, such as the right hon. Member for Huyton (Mr. H. Wilson) and the right hon. Member for Battersea, North (Mr. Jay)?
§ Mr. Dodds
In view of what the right hon. and learned Gentleman has said about the measures that he is introducing, will he tell the House whether he has confidence that they will reduce the cost of living in the next few months? If he cannot do that, will he explain the mystery that ten years ago it was said that his party would mend the hole in the purse? That hole is still open. When shall we see it closed, or will its closure take more than ten years?
§ Mr. Hughes
On a point of order. In view of the unsatisfactory nature of the reply, I will raise this matter on the Adjournment.