Prices

Part of Oral Answers to Questions — Prices and Consumer Protection – in the House of Commons at 12:00 am on 11th October 1976.

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Photo of Mr Roy Hattersley Mr Roy Hattersley , Birmingham Sparkbrook 12:00 am, 11th October 1976

The first thing to say about the figures I have given and pay policy is that the spectacular improvement in our inflationary situation—the reduction in the rate by 50 per cent. in a year—is almost entirely attributable to the sacrifices made by the trade union movement in signing the social contract. I believe that the trade union movement is wise enough to realise that, as long as the Government go on doing what they can to limit inflation, it has a duty to itself, its members and the nation to go on co-operating with the Government. I am sure that it is wise enough and public-spirited enough to go on doing that.