Retail Prices Index (Hansard, 11 November 1982)

§ 5. Mr. Timothy Smith
asked the Chancellor of the Exchequer what has been the increase in the retail prices index over the last year.

§ Mr. Brittan
Over the 12 months to September 1982 the retail prices index increased by 7.3 per cent.

§ Mr. Smith
Is not that information, with the forecast in the autumn statement published on Monday of 5 per cent. inflation in 1983, very good news for the British economy? Will my right hon. and learned Friend try to ensure that interest rates follow the inflation rate down as quickly as possible?

§ Mr. Brittan
I hope that they will.

§ Mr. Maxton
What is the difference in the retail prices index for those who pay mortgages and those who pay council house rents? Does the right hon. and learned Gentleman agree that the RPI has increased much more for those in the latter category and that the poorest in our society are being hit again by the Government?

§ Mr. Brittan
As the hon. Gentleman knows, both those housing costs are included in the RPI.

§ Mr. Adley
Does my right hon. and learned Friend recall the October 1974 election campaign and the boast by the right hon. Member for Leeds, East (Mr. Healey) that, taking the three months' figures for the RPI, his Government had brought the rate down to 8.4 per cent? We lived with the 8.4 per cent. boast. Is my right hon. and learned Friend aware that on the basis of the calculations of the then Chancellor of the Exchequer this Government's record for the last three months represents an increase of nil per cent?

§ Mr. Brittan
Yes, Sir. I well recall that general election and that somewhat misleading boast, because as a result of it I nearly lost my seat.