HC Deb 02 March 1976 vol 906 cc583-4W
Mr. Sillars

asked the Secretary of State for Employment if he will publish a table showing the relationship of prices to average earnings in industry in each of the past 10 years; and if he will make a statement of his estimate for prices and wages in the coming year.

Mr. Harold Walker

The percentage increases from December to December in the monthly indices of average earnings and of retail prices were:

PERCENTAGE INCREASE FROM PREVIOUS DECEMBER
Average earnings Retail prices
1966 4.0 3.7
1967 5.5 2.5
1968 9.0 5.9
1969 8.4 4.7
1970 13.6 7.9
1971 8.9 9.0
1972 15.5 7.7
1973 13.1 10.6
1974 29.4 19.1
1975 19.3* 24.9
* Provisional.

The changes in earnings are based on the index of average earnings of all employees in Great Britain in all industries covered by that index.

Forecasts of changes are generally not disclosed, but it is an objective of the counter-inflation policy to reduce the year-on-year increase in prices to single figures by the end of this year.