§ 53. Mr. Hal Millerasked the Chancellor of the Exchequer by how much the following ratios have risen since February 1974: (a) gross wages/prices, (b) gross wages/wages net of tax, (c) wage costs per unit of industrial output, and (d) industrial costs/industrial profits.
§ Mr. Joel BarnettSince the relevant statistics for February 1974 and much of the first quarter of 1974 were distorted by the effects of the three-day working week I am giving figures for alternative periods.
The gross wages/price ratio, based on the index of average earnings and the index of retail prices, rose by 1.4 per cent. between February 1974 and August 1977 and by 0.4 per cent. between April 1974 and August 1977.
The gross wages/wages net of tax ratio, based on the average earnings of a married man without children, rose by 188W 2.2 per cent. between March 1974 and August 1977.
Wages and salaries per unit of output in manufacturing industry rose by 85.4 per cent. between February 1974 and July 1977 and by 79.2 per cent. between April 1974 and July 1977. The corresponding ratio for all industries rose by 64.9 per cent. between quarter 1, 1974, and quarter 2, 1977, and by 63.4 per cent. between quarter 2, 1974, and quarter 2, 1977.
Statistics of changes in the ratio industrial costs/industrial profits are not available for this period.