§ 34. Sir C. Osborneasked the Chancellor of the Exchequer, in view of the fact that the Index of Retail Prices rose by 2½ per cent. in 1962 against 4½ per cent., 2½ per cent. and nil in the three preceding years, to what extent it is the policy of Her Majesty's Government to accept some degree of inflation as inevitable; what new steps are to be taken to control it; and if he will make a statement.
§ Mr. BarberI would ask my hon. Friend to await my right hon. Friend's Budget statement tomorrow.
§ Sir C. OsborneIs there any real hope—[HON. MEMBERS: "No."]—that the real savings of the most responsible section of our people will be safeguarded against further inflation?
§ Mr. BarberThe Question on the Order Paper raises major issues of economic and financial policy. My hon. Friend is a patient and understanding man and will hardly expect me to satisfy his request for a statement at this time.