§ Sir C. Osborneasked the Chancellor of the Exchequer how far the wage and salary increases over the last six months without extra productivity have increased the costs of production and reduced the capacity to export; what new steps he is taking to stop a further rise in the cost of living; and if he will make a statement.
§ Mr. George BrownI have been asked to reply.
The need, as recognised by the Government, the employers and the unions and set out in the Joint Statement of Intent on Productivity, Prices and Incomes, is to raise productivity and efficiency, to keep increases in money incomes in line with increases in real national output, and to keep the general level of prices
188Wtable below. The corresponding figures for 1964–65 are not yet complete but from the figures for the calendar year 1964 it is clear that the percentage in the final column will probably again be 2.1. Forecasts for 1965–66 are not available.
stable. The translation of this into action is a matter for employers and unions as well as for the Government.