§ Sir C. Osborneasked the First Secretary of State and Secretary of State for Economic Affairs, in view of the fact that the industrial production index for last month has fallen lower than at any time since 1957, and wages and salaries have not been reduced, by what means he intends to keep down prices.
§ Mr. AlbuThe industrial production index for September was not at its lowest level since 1957, as the hon. Member suggests. It was 30 per cent. above the average level for 1957, and at the same level as in three months of last year. It is true, however, that there was an unusually sharp fall in the index for September compared with the August figure.
There has been almost no increase in wages and salaries since the beginning of the standstill period. The criteria for price behaviour during the period of severe restraint have been set out in Cmnd. 3150.