§ Mr. Bishopasked the Secretary of State for Employment and Productivity if she is aware that following the removal of limitations on dividend rate increases the distribution by companies reporting in March was the highest for over four years; whether this accords with the policy of Her Majesty's Government; and whether a corresponding percentage increase in the pay of lower-paid workers is in accordance with the policy.
§ Mr. Harold WalkerI assume that my hon. Friend is referring to the analysis of company reports for March which has 175W recently been made and published by a newspaper. These results were dominated by two large companies who increased their dividends after several years of stability, and whose dividend increases represent something less than 3 per cent. a year on average over the past six years. There has been no evidence requiring action under the Government's policy towards company distributions, which remains as set out in the statement of my right hon. Friend the Chief Secretary to the Treasury on 6th November, 1969. With regard to the last part of the question my hon. Friend will have learned from Cmnd. 4328 that the 1969 level of dividends was about 13 per cent. above the 1964 level and that the change in the levels of income from employment was some 32 per cent.