§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he considers the present level of unemployment to be equal to the natural or minimum sustainable rate; and, if not, what rate of unemployment he has adopted as the target rate for regulating the money supply.
§ Mr. LawsonEstimates of a natural or minimum sustainable rate of unemployment are extremely uncertain. The money supply is not regulated according to any target rate of unemployment, but it is true that within a given money supply target unrealistic wage settlements will tend to cause unemployment to rise.