§ 33. Mr. Wakehamasked the Chancellor of the Exchequer whether his objective is still to reduce the rate of inflation to 10 per cent. by the end of the summer; and, if so, on what basis the calculation will be made.
§ Mr. DellThe Government's objectives remain as set out in the White Paper published in July 1975 (Cmnd 6151), that is to reduce the year-on-year rate of inflation to 10 per cent. by the late summer and to single figures by the end of the year. The year-on-year rate means the increase in the retail price index over a 12-month period expressed as a percentage of the index at the beginning of the period.