§ Mr. Woofasked the Chancellor of the Exchequer to what developments he looks towards reducing inflation, accruing from meetings with representatives of the Trades Union Congress and the Confederation of British Industry.
§ Mr. Robert SheldonMy right hon. Friend has frequent discussions with representatives of both sides of industry about every aspect of the continuing attack on inflation, to which we are all firmly committed. I am confident that those discussions will prove fruitful.
§ Mr. Woofasked the Chancellor of the Exchequer what estimate he has made of the rate of inflation over the next 12 months; and if he will make a statement.
§ Mr. Robert SheldonThe uncertainties always inherent in making longer-term forecasts have been compounded in recent months by the unexpectedly rapid rise in commodity prices, depreciation and the summer drought. In these circumstances any estimate of the rate of inflation 12 months ahead is bound to be unreliable. But it remains our objective to bring the United Kingdom infla-
682Wallowance and the wife's earned income relief for 1963–64 and for each year since 1969–70 and express the real value of such allowances based on 1964 prices.
§ Mr. SheldonThe figures are as follows:
tion rate at least down to the levels of our main overseas competitors.
§ Mr. Lawsonasked the Chancellor of the Exchequer what is the current rate of inflation, as denned by the rise in the retail price index over the three months to October 1976 expressed as an annual rate.
§ Mr. Robert Sheldon19.7 per cent.