HC Deb 25 April 1975 vol 890 cc402-3W
Mr. Tebbit

asked the Chancellor of the Exchequer what effect he estimates his forecast of a level of unemployment of around 1 million arising from his Budget policies will have on the social contract.

Mr. Dell

One of the primary aims of the social contract is to maintain the level of employment in Britain. The higher unemployment forecast in the Budget Statement is an inevitable consequence of the failure so far to adhere to the terms of the contract on pay. Stricter observance of the social contract continues to offer the best prospect of preserving employment; excessive wage settlements must in the long term mean fewer jobs.