§ Mr. Flanneryasked the Chancellor of the Exchequer if he will outline his plans for reducing inflation; and if he will make a statement on progress to date.
§ Sir Geoffrey HoweThe Government intend to continue to reduce inflation through the application of firm440W monetary and fiscal policies. The fall in the annual rate of increase in the retail price index from 21.9 per cent. in May 1980 to 13.0 per cent. in January 1981 shows that these policies are now beginning to take effect.