§ 35. Mr. Wyn Robertsasked the Secretary of State for Prices and Consumer Protection what is the anticipated effect of the current wage round on prices towards the end of 1978.
§ Mr. MaclennanIncome from employment accounts for about half of total final expenditure, and the effects of pay settlements on prices reflect this after a lag of up to a year. Eventually, a given increase in earnings is likely to produce an equal increase in prices. It is difficult to be exact about how much of the effect will have worked through by a particular point of time.