§ Sir C. Osborneasked the First Secretary of State and Secretary of State for Economic Affairs in view of the fact that the national income is now expected to drop this year by 1 per cent. representing a shortfall of approximately £1,400 million on his expectations of what the growth rate should have been in one year, by how much he estimates the standard of living will fall as a consequence.
§ Mr. AlbuMy right hon. Friend does not accept that the national income will fall this year at all, nor does he accept that the standard of living will fall. Although it is not usual to reveal the424W precise official short-term forecasts, I can state that we expect both the national income and the general standard of living to rise this year.