§ Mr. Austin MitchellTo ask the Secretary of State for Employment what is his estimate of the effect on employment of double-digit wage increases in the financial sector; and what is the basis of this estimate.
§ Mr. Norman LamontI have been asked to reply.
I do not have an estimate of the effect of high wage increases in the financial sector on its own, but excessive wage increases in any sector of the economy will be harmful to jobs.