§ Mr. Kilfedder
asked the Chancellor of the Exchequer whether the prices level on which the figure he announced recently, as a stimulus to the economy, will be changed over the five-year period in order to take account of inflation.
§ Mrs Robert Sheldon
i assume that the hon. Member is referring to the Government's decision to raise the planned level of public expenditure next year by about £1 billion at 1977 survey prices. That decision did take account of inflation, in the sense that £1 billion at 1977 survey prices is equivalent, after allowing for inflation, to more than £1 billion at next year's outturn prices. Expenditure plans over the five years of the survey period are always presented at constant (survey) prices so as to indicate the planned development of programmes in real terms.