Pay and Prices

Part of the debate – in the House of Commons at 12:00 am on 15 November 1978.

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Photo of Mr Denis Healey Mr Denis Healey , Leeds East 12:00, 15 November 1978

I confess that l believe that in the circumstances if I had delayed the increase in interest rates until this week it could have been badly misunderstood by our friends in the trade union movement. I am comforted that Mr. Murray, when he spoke on television last night, said that, although it was not welcome to many members of the TUC, he thought that it had not determined the way in which the voting took place finally.

I made it clear in my statement that the Government are determined to continue discussions with the TUC on all matters on which we accept a mutual interest. I hope that we shall be able to implement our joint agreement in the document "Into the Eighties: An Agreement"—which was agreed without dissent at both the TUC and the Labour Party conferences—to discuss by spring next year the outlook of pay and prices for the following year and to try to reach agreement on how to deal with the situation.