§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will make a statement, giving details of the matters discussed at the meeting of the National Economic Development Council held on Wednesday, 6th January, 1971, regarding the dangers of inflation, price rises, cost of living etc.; and what action he proposes to take arising from this meeting.
§ Mr. BarberThe Council had a wide ranging discussion of cost inflation on the basis of papers provided by the Government, the T.U.C. and N.E.D.O.: as to the second half of the Question, the Government has made clear its view that the interest of the public and of the national economy require a progressive and substantial reduction in the level of pay settlements.