§ Mr. Nottasked the Chancellor of the Exchequer whether he will estimate the effect of the measures announced on 22nd July on personal consumption expenditure; whether any estimates have been made of the effect on the savings ratio; and whether he will publish those estimates.
§ Mr. Denzil DaviesI estimate that by early 1978 the effect on personal consumption expenditure, measured at constant 1970 prices, of the measures announced on 22nd July will be about ½to ¾per cent. The effect on the savings ratio will be very small.