§ Mr. H. Macmillan
I would refer the hon. Gentleman to the White Paper on the Economic Implications of Full Employment for a detailed analysis of the reasons for the fall in the value of money since the war. The main reason, as I have pointed out many times, is that personal incomes (in money terms) have138W risen faster than production. The Government have made great efforts this year to bring home to both sides of industry the need for restraint. I think we shall have some success. I am glad to see that the Index of Retail Prices has remained steady since April of this year.