§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will explain the reason for the oscillation of non-North sea profits in the simulation given in his answer of 21 February, Official Report, column 568, about the relationship between real wages and profits; and what are its implications for economic policy.
§ Mr. Peter ReesThe time path of non-North sea profits in the simulation reflects the dynamics in the various relationships determining output, prices and costs. There are no clear implications for economic policy.