HC Deb 01 November 1966 vol 735 cc63-4W
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 payments 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.

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