§ Mr. Murphyasked the Chancellor of the Exchequer how changes in the general level of prices since 1970 compare with changes over the same period in national average earnings and gross domestic product.
§ Mr. Hayhoe:The following table compares movements in the retail prices index, national average earnings and gross domestic product since 1970.
June RPI (June 1970= 100) Year-on-year increase per cent. June earnings (June 1970= 100) Year-on-year increase per cent. GDP (Q2) (1970 Q2= 100) Year-on-year increase per cent. 1970 100 — 100 — 100 — 1971 110.3 10.3 110.9 10.9 109.8 9.8 1972 117.0 6.1, 123.9 11.7 126.0 14.8 1973 127.9 9.3 142.9 15.3 147.4 17.0 1974 149.0 16.5 165.8 16.0 163.3 10.8 1975 188.0 26.1 208.1 25.5 207.7 27.2 1976 213.9 13.8 245.9 18.2 244.9 17.9 1977 251.7 17.7 265.9 8.1 290.0 18.4 1978 270.4 7.4 306.8 15.4 329.8 13.7 1979 301.1 11.4 347.7 13.3 386.9 17.3 1980 364.3 21.0 423.3 21.7 451.0 16.6 1981 405.5 11.3 473.9 12.0 482.2 6.9 1982 442.7 9.2 520.6 9.8 520.3 7.9