§ Mr. FrenchTo ask the Chancellor of the Exchequer what percentage of national average earnings the basic state pension will be in(a) 2000, (b) 2010, (c) 2020, (d) 2030, (e) 2040 and (f) 2050 if earnings rise faster than prices by (i) 1.5 per cent. and (ii) 2.5 per cent.
§ Mr. PortilloThe information is in the table.
Year 1.5 per cent. real earnings growth 2.5 per cent. real earnings growth 1993 17.7 17.7 2000 16.0 14.9 2010 13.7 11.6 562W
Net privatisation proceeds £ billion 1979–80 1980–81 1981–82 1982–83 1983–84 1984–85 1985–86 1986–87 1987–88 1988–89 1989–90 1990–91 1991–92 1992–93 1993–94 Amersham International — — 0.1 — — — — — — — — — — — — Associated British Ports — — — — — 0.1 — — — — — — — — — BAA — — — — — — — — 0.5 0.7 — — — — — British Aerospace — — — — — — 0.3 — — — — — — — — British Airways — — — — — — — 0.4 0.4 — — — — — — British Gas — — — — — — — 2.6 1.8 1.8 0.8 0.5 — 0.4 — British Petroleum 0.3 — — — 0.5 — — — 0.9 3.0 1.4 — — — — British Steel — — — — — — — — — 1.1 1.3 — — — — British Telecommunications — — — — — 1.4 1.3 1.4 0.3 0.3 0.1 0.1 1.8 3.7 — Britoil — — — 0.3 0.3 — 0.4 — — — — — — — — Cable and Wireless — — 0.2 — 0.3 — 0.6 — — — — — — — — Electricity (England and Wales) — — — — — — — — — — — 3.1 3.4 1.5 — Electricity (Northern Ireland) — — — — — — — — — — — — — 0.4 — Electricity (Scotland) — — — — — — — — — — — — 1.1 1.0 — Enterprise Oil — — — — — 0.4 — — — — — — — — — GPFC — — — — — — — — — 0.1 — — — — — Notes: The baseline for the calculation is April 1993. The basic retirement pension was uprated to £56.10 per week on 1 April 1993. National average earnings in April 1993 were £316.90 (Source: the Department of Employment's new earnings survey).
Year 1.5 per cent. real earnings growth 2.5 per cent. real earnings growth 2020 11.8 9.1 2030 10.2 7.1 2040 8.8 5.6 2050 7.6 4.3