Orders of the Day — Taxation

Part of the debate – in the House of Commons at 12:00 am on 21st February 1978.

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Photo of Mr Robert Sheldon Mr Robert Sheldon The Financial Secretary to the Treasury 12:00 am, 21st February 1978

The hon. Gentleman will know that the 55 per cent. growth in money supply in a period of two years led to inflation before the oil crisis and that that inflation amounted to over 10 per cent. Furthermore we have seen a reduction in the inflation figures, and we shall have some encouraging news for most of this year.