§ 115. Mr. H. Hyndasked the Minister of Labour what wage increases have occurred as a result of the rise in the 46W cost of living index figure since 1st November, 1951.
§ Sir W. MoncktonBetween 1st November, 1951, and 29th February, 1952, there was an increase estimated at £430,000 in the weekly wages of nearly two million workers owing to the operation of sliding scales based on the Index of Retail Prices. No doubt however the rise in prices was a contributory cause in the case of the many other increases in wages during the period.
120. Mr. Leeasked the Minister of Labour whether he will accept the conclusion of the Technical Committee of the Cost of Living Advisory Committee, that there are no grounds for the belief that the all-items index figure at present either understates or overstates the rise in the average level of retail prices since June, 1947, as a basis for his future actions in this connection.
§ Sir W. MoncktonThe conclusion that there are no grounds for the belief that the all-items index figure at present either understates or overstates the rise in the average level of retail prices since June, 1947, was based on a careful examination of the working of the Interim Index of Retail Prices since June, 1947. I have accepted the recommendations of the Cost of Living Advisory Committee that certain modifications should be made to the Interim Index in order to ensure, as far as possible, that the present index will continued to provide an accurate measure of the changes in the average level of retail prices until the results of the forthcoming budget inquiry are available.