§ Mr. Austin Mitchellasked the Chancellor of the Exchequer if he will publish in the Official Report an estimate of the United Kingdom relative normal unit labour costs in October based on trend extrapolations and such other information as is available at the rates of exchange which prevailed on 24 October; and if he will provide similar figures for each month from the beginning of 1979 based on the exchange rate for the month in question.
§ Mr. LawsonThe latest figures available for the IMF's index of relative normal unit labour costs are:
(1975 = 100)
1980 QI 119.8
QII 127.8
On 24 October the effective rate index was 7½ per cent. higher than in the second quarter of 1980. Applying that change alone to the 1980 QII figure for relative normal unit labour costs would produce a level of around 137. No information is yet available on movements in other countries' unit labour costs in domestic currencies over this period.
The rest of the information requested could be produced only at the cost of disproportionate time and effort.