§ The Prime MinisterNo, Sir.
§ Mr. HoramThat is a disappointing reply. As the Chancellor of the Exchequer has presided over a post-war record of unemployment, a post-war record of inflation, a post-war record of depreciation in the external value of the currency, and a post-war record in investment recession, is on target for a postwar record balance of payments deficit, and is continually handing millions of pounds to the rich, is not that some evidence that the Prime Minister's confidence in the Chancellor of the Exchequer is a trifle misplaced?
§ The Prime MinisterAs my right hon. Friend has been responsible for the expansion of the economy, with the result that unemployment is now down to 509,000—far lower than when we came into office—I would expect the Labour Party, which has always been—and rightly so—concerned about employment, to congratulate the Government.
§ Mr. AdleyIs my right hon. Friend aware that there is a great deal more support in the Conservative Party for the Chancellor of the Exchequer than there appears to be in the Labour Party for the shadow Chancellor of the Exchequer?
§ The Prime MinisterI do not wish to form a judgment about that at this point. I hope that the right hon. Gentleman remains shadow Chancellor because, as he showed at Blackpool, he is one of our greatest assets.
§ Mr. SheldonAs the Prime Minister is acting as the Minister directly responsible for the prices and incomes policy, what are the responsibilities of the Chancellor of the Exchequer in this regard?
§ The Prime MinisterThe whole Government are responsible for the prices and incomes policy. At the meetings which are held with the TUC and the CBI I take the chair and the Chancellor of the Exchequer with the Secretary of State for Employment and the Minister for Trade 408 and Consumer Affairs are present with me.