§ 21. Mr. AdleyTo ask the Chancellor of the Exchequer if he will estimate the contribution made by wage and salary increases to inflation.
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§ Mr. MajorExcessive wage settlements threaten job prospects rather than sustained higher inflation.
§ 24. Mr. Allen AdamsTo ask the Chancellor of the Exchequer what is the underlying rate of inflation.
§ Mr. RyderThere are a number of ways of estimating the underlying rate of inflation. As measured by the RPI excluding mortgage interest payments and the community charge, it was 6.5 per cent. in April.
§ 44. Sir Michael McNair-WilsonTo ask the Chancellor of the Exchequer what distinction he draws for policy purposes between price rises and inflation.
§ Mr. RyderPolicy is set to bring down inflation, defined as the change in the aggregate price level. It would be entirely inappropriate to seek to control movements in the relative prices of individual goods and services, since these are essential for the efficient working of a competitive economy.
§ 46. Mr. OppenheimTo ask the Chancellor of the Exchequer when he last met the Governor of the Bank of England to discuss policy on reducing inflation.
§ Mr. RyderMy right hon. Friend meets the Governor of the Bank of England from time to time to discuss a variety of matters.
§ 48. Mr. Nicholas WintertonTo ask the Chancellor of the Exchequer what effect upon the annual rate of inflation he expects the introduction of the community charge to have.
§ Mr. RyderThe average personal community charge in Great Britain is estimated to be 34 per cent. higher than the analogous rates per head figure in 1989–90 for households covered by the RPI. This increase has added about 1 percentage point to the annual rate of retail price inflation.