NATIONAL DIVIDEND (Hansard, 21 November 1967)

HC Deb 21 November 1967 vol 754 cc1136-7 1136

§ Q7. Sir Knox Cunningham
asked the Prime Minister what progress he has made with the national dividend.

§ The Prime Minister
As the Answer is rather long, I will, with permission, circulate it in the OFFICIAL REPORT.

§ Sir Knox Cunningham
Is the Prime Minister aware, as the self-appointed overlord of our economy, that his policy for the months ahead will ensure to the 1137 people of this country a national dividend of misery?

§ The Prime Minister
The hon. and learned Gentleman is entitled to his own view about that. We shall see. The question of the national dividend which was discussed last year is, of course, a matter for discussion between the Government and both sides of industry. The hon. and learned Gentleman will be glad to know that my right hon. Friend started talks on this question in the new situation with the C.B.I. and the T.U.C. yesterday, and that on Friday night I had talks with the general secretaries of both bodies.

§ Following is the information:

§ The idea of a national dividend relates to the additional amount of resources available for personal consumption after allowance has been made for investment, the foreign balance, defence and social expenditure as the result of the increased national product. The concept of such a national dividend is, of course, associated with the annual review which the Trades Union Congress announced on the 2nd of March this year they would hold annually. The Confederation of British Industry are, of course, equally involved. Since the decision of the 2nd of March there have been continuing talks between the Government and both sides of industry on the application of the new prices and incomes policy and the hon. Gentleman will be aware that in the new situation following last Saturday's announcement my right hon. Friends the Minister of Labour, and Secretary of State for Economic Affairs have initiated further talks with both sides, since as my right hon. Friend made clear yesterday the priority need this coming year will be to release resources from consumption to exports.