§ Mr. Sillarsasked the Chancellor of the Exchequer what submissions he has received about his coming Budget from the national executive of the Labour Party and the TUC; what the reflationary input of each would be in a full financial year; and what effect on employment each input would have.
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§ Mr. Joel BarnettMy right hon. Friend met representatives of the National Executive Committee on 22nd February. They urged him to announce in his Budget measures worth about £4,000 million in a full year. The TUC's Budget proposals are contained in their "Economic Review" published at the beginning of February. They recommend a net fiscal stimulus of about £4,500 million in a full year. Any estimates of the employment effects of these packages would depend critically on the assumptions made about the exchange rate, the money supply, interest rates and earnings, and also about the relationship between output and employment.