§ 85. Sir C. Osborne
asked the Chancellor of the Exchequer by what percentage the standard of living will be reduced before the nation will be living within its income; how soon that reduction will be achieved; and if he will make a statement.
§ Mr. Callaghan
It is the Government's intention to restore the balance of payments64W as quickly as possible, and to secure a surplus in 1967. This is likely to entail a slackening in the rate of increase of the standard of living; I do not expect an absolute reduction.