§ Mr. Norman Lamontasked the Chancellor of the Exchequer whether he will publish a table showing what was the amount earned by a man on average earnings after tax and national insurance 275W in February 1974; and what is the amount earned currently by a man on average earnings after tax and national insurance; and what the value of the first sum adjusted for inflation would be currently.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 10th November 1977; Vol. 938, c. 191], gave the following information
The figures for a married man on average earnings with two children not over 11 years of age are as follows:
Net income in March 1974 Net income in August 1977 Net income in March 1974 revalued at August 1977 prices £ per week £ per week £ per week 36.96 61.66 66.61 Average earnings are the New Earnings Survey estimates of the average earnings of full-time adult males in April 1973 and April 1977, updated by the monthly index of average earnings to give estimates for March 1974 and August 1977 respectively. Average earnings for February 1974 are not available owing to the effect of the three-day working week.
The price index used is the general index of retail prices—all items, for the months of March 1974 and August 1977.
Net income includes family allowance for 1974 and child benefit for 1977. The calculations for August 1977 take account of the Chancellor's proposals of 26th October 1977, and for March 1974 it has been assumed that the employee was not contracted out of the graduated pension scheme.