§ 61. Mr. David Priceasked the Chancellor of the Exchequer what estimate he has made of the effect which each 1 per cent. increase in average earnings above the Government's 5 per cent. guideline will have on total employment over the next year.
§ Mr. Joel Barnett:Higher pay, not matched by higher production, will worsen the prospects for both inflation and employment. The precise impact on employment cannot be reliably estimated as it will depend on many factors at home and abroad, including the stance of Government policy.