HC Deb 07 July 1966 vol 731 cc656-7
22. Mr. Dickens

asked the First Secretary of State and Secretary of State for Economic Affairs if he will state the percentage increase in productivity and dividend distribution since 16th October, 1964.

Mr. Albu

Figures for this precise period are not available. Total output per head of the employed population is estimated to have been 1½ per cent. higher in 1965 than in 1964. Dividends paid on ordinary and preference shares were 8 per cent. higher in the fourth quarter of 1965 than in the fourth quarter of 1964.

Mr. Dickens

Is my hon. Friend aware that this steep rise in unearned income is unexampled in any other European country over this period? Is he further aware that while many of my hon. Friends warmly welcome the inclusion of unearned income in the forthcoming Prices and Incomes Bill, stringent penalties should be imposed in future on those who seek to increase their unearned income in this way?

Mr. Albu

I understand my hon. Friend's feelings in this matter, and my right hon. Friend the Chancellor of the Exchequer commented on this during the Budget debate. It may be of some consolation to my hon. Friend to know that as the rise in profits is now stopping, I doubt if the rise in dividends can go on at the same level.

Mr. Kenneth Lewis

Is the hon. Gentleman aware that not many weeks ago his hon. Friend the Member for Buckingham (Mr. Maxwell), as chairman of a large public company, massively increased his dividend? Does he propose to bring him before the Prices and Incomes Board?

Mr. Albu

That seems to be a personal attack of which I am sure the hon. Gentleman did not give my hon. Friend prior notice.