HC Deb 11 December 1980 vol 995 c1062
11. Mr. Ioan Evans

asked the Chancellor of the Exchequer what is the latest estimate of the taxes and prices index.

Mr. Peter Rees

The value of the tax and price index for October is 137.3, based on a January 1978 figure of 100.

Mr. Evans

With over 12,000 notified price increases this year alone, is not the gimmick of a tax and price index that the Government put forward backfiring? Will the hon. and learned Gentleman accept that while the annual rate of the RPI has increased by over 50 per cent. since the Conservative Government took office, the annual rate of TPI is at 16.8 per cent.? With national insurance contributions increasing and with possible tax increases in the Budget, would it not be preferable to have a prices and unemployment index rather than a tax and price index, which would truly reflect the economic situation in the country?

Mr. Rees

I am glad that the hon. Gentleman has become reconciled to the tax and price index. I hope that it has enlarged his perception of the problem. Quite how one could incorporate unemployment into an index I do not know, but we shall certainly consider the point.

Mr. Adley

Will my hon. and learned Friend merely ask the Opposition whether they are glad or sorry that inflation is falling rapidly?

Mr. Rees

I am sure that the Opposition will take note of my hon. Friend's question and answer it in their own way in their own time.

Mr. Foulkes

Who has ministerial responsibility for prices? Is the hon. and learned Gentleman aware that my questions have been passed from the Department of Trade to the Department of Employment and then to the Treasury and from one Minister in the Treasury to another, and even then he could not tell me the increase in the prices of turkey and Christmas pudding?

Mr. Rees

I condole with the hon. Gentleman. However, the allocation of functions is not a matter for me. It is a matter for my right hon. Friend the Prime Minister.