§ 46. Mr. Tebbit
asked the Chancellor of the Exchequer what estimate he has made of the effect upon employment of the current rate of increase in earnings.
§ Mr. Healey
I have made no precise estimates of the effects of particular rates of earnings growth on employment. There is, of course, a powerful relationship betwen the rate of increase in earnings and prices on the one side, and the level of economic activity and employment on the other side.