§ Mr. A. Lewis
asked the Chancellor of the Exchequer (1) whether he is aware that since 1951 there has been a progressive rise each year in the average level of retail prices, and that by 1963 these had risen by 45 per cent.; and what action he proposes to take to reverse this increase in retail prices;
(2) whether he is aware that since October, 1951, there has been a 25 per cent. fall in the internal purchasing value of the £ sterling; and what new action he proposes to take to arrest this continual fall in the purchasing value of the £ and restore it to a purchasing value of 20s.
§ Mr. Maurice Macmillan
As the hon. Member knows, it is one of the main objectives of our policy to secure greater stability of costs and prices in the future, but success in this will largely depend on acceptance by all sections of the community of an incomes policy designed to keep increases in money incomes of all kinds in line with increases in productivity.