§ 16. Sir C. Osborneasked the Chancellor of the Exchequer what reasons the French Government have given for their opposition to Anglo-American proposals to modify the International Monetary Fund mechanism in order to supplement the short-term plan proposed at Basle to counter speculation and large-scale currency movements against the free world's currencies; why it is the policy of Her Majesty's Government to await French agreement before taking action in this matter; and if he will make a statement.
§ Mr. Selwyn LloydDiscussions are continuing among the Executive Directors of the International Monetary Fund on proposals put forward by the Fund Staff. It would be premature for me to comment on them now.
July, 1961 — 1938 Participating in the graduated National Insurance Scheme Contracted out of the graduated National Insurance Scheme £ s. d. £ s. d. £ s. d. Gross Earnings … … 3 9 0 14 10 9 14 10 9 Deductions: Income Tax … … Nil 1 8 8 1 8 8 Unemployment Insurance … … 9 Health Insurance … … 4½ Pension Contribution … … 5½ Industrial Injuries … … 7 7 National Health Service … … 2 8½ 2 8½ National Insurance: Flat rate … … 7 3½ 8 10½ Graduated contribution … … 4 9 Total Deductions … … 1 7 2 4 0 2 0 10 Net Earnings … … 3 7 5 12 6 9 12 9 11 The consumer price index brought up to date by the retail price index has increased by 191 per cent, since 1938. On this basis a net income of £3 7s. 0d. a week in 1938 was equivalent to £9 15s. 0d. a week in May, 1961. The differences between this and the net incomes shown above are £2 11s. 9d. and £2 14s. 11d.