§ Mr. Norman Lamontasked the Chancellor of the Exchequer what are the figures for the relative unit labour cost index for manufacturing for Great Britain as against her competitors for the first three-quarters of 1978; and what are the figures for the relative unit value of exports over the same period.
§ Mr. Denzil DaviesData for the third quarter of 1978 are not yet available. The following data (base 1975=100) for the United Kingdom are the latest available:
Index of relative export prices† IMF index of relative normal unit labour costs‡ 1977— fourth quarter 107.5 90.2 1978— first quarter 111.2 94.6 second quarter 104.6* 92.5 * Provisional. † Ratio of United Kingdom unit value index for exports of manufactured goods to a weighted average of competitors' export indices. An increase represents a deterioration in the United Kingdom's competitiveness. ‡ Ratio of the index of United Kingdom normal labour costs per unit of output to a weighted average of indices of competitors' normal unit labour costs adjusted for exchange rate changes. The normalisation of the basic labour costs index is an attempt to allow for short term variations in productivity from its long-term potential. An increase represents a deterioration in the United Kingdom's competitiveness.