§ 4. Sir William van Straubenzeeasked the Chancellor of the Exchequer at what rate he estimates the level of inflation will be running as at 31 December 1982; and how this compares with the level of 31 December 1981.
§ Mr. BrittanThe increase in the retail prices index in the 12 months to December 1981 was 12 per cent. We expect the increase in the 12 months to December 1982 to be at or below 6½ per cent.
§ Sir William van StraubenzeeAre not those exceedingly significant figures, particularly, for example, for those living on savings or working for charities who can now plan ahead with the certainty that the value of their money will not drop monthly in the disastrous way that it did in the circumstances that we inherited?
§ Mr. BrittanI agree. We must get used to the fact that an era of low inflation is not only beneficial economically, but means the restoration of social stability in a desirable manner.
§ Mr. FoulkesStupid man.
§ Mr. DouglasHow do the Government manage to take all the credit for the reduction in inflation and at the same time convince the British people that they have nothing to do with the disastrous unemployment level, the parlous state of growth and our balance of payments problems? They have got one economic goal right, but have abandoned the other three. What a shocking Government.
§ Mr. BrittanThe hon. Gentleman said that ours was a shocking Government—[HON. MEMBERS: "It is".]—but he seemed to be saying earlier in his question that the British people took a contrary view.