Orders of the Day — Commission for Industry and Manpower Bill

Part of the debate – in the House of Commons at 12:00 am on 8th April 1970.

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Photo of Mr James Dickens Mr James Dickens , Lewisham West 12:00 am, 8th April 1970

My hon. Friend rightly pointed out that a number of elements, other than increases in money wages, cause inflation. Does he recall that the National Economic Development Council, in its 1968 Report on Movements in Prices, Productivity and Incomes, drew attention to the fact that the biggest single reason for the increase in the cost of living since 1964 has been the increases in direct taxation, followed by increases in import prices and increases in general domestic costs, and that the endeavour to secure a high return on capital has been by far the biggest single element?