§ 36. Mr. William Hamiltonasked the Secretary of State for Employment what 221W plans he has for seeking to establish a relationship between prices, incomes and productivity.
§ Mr. R. CarrThere is already such a relationship. The price increases we are now experiencing arise mainly from the large wage increases far in excess of increases in productivity which began under the previous Government when their statutory prices and incomes policy was in operation. So long as earnings continue to increase at an annual rate of 12 per cent., six times the rate of increase of production of 2 per cent., it is inevitable that prices will continue to rise.