§ Mr. Sillarsasked the Chancellor of the Exchequer how many of his Budgets and interim Budgets have had an upward effect upon the retail price index; and if he will indicate the increase on each occasion.
§ Mr. Robert SheldonOf the eight Budgets and interim Budgets which my right hon. Friend has introduced since March 1974, six have included measures the net effect of which has been to increase the RPI, and two have had the effec of reducing the RPI. The details are given below:
306W
Date of Budget Effect of budget measures on RPI % March 1974 -1½ July 1974 -2½ November 1974 +1½ April 1975 +2¾ April 1976 + ¾ July 1976 +1 December 1976 + ¾ March 1977 +1 contribution for a single person, a married couple, a married couple with the to average earnings, twice average and three times average earnings, taking for April 1977 the best forecast available.
§ Mr. Robert SheldonAssuming the tax rates and allowances proposed for 1977–78 the information is as follows:
The figures quoted are the forward estimates given at the time. It is extremely difficult to isolate the actual effects retrospectively.