§ 13. Mr. Bruce-Gardyne
asked the First Secretary of State and Secretary of State for Economic Affairs what is his Department's latest estimate of the increase in hourly wage rates between 1st July, 1966, and 31st December, 1967; and what was the increase in hourly wage rates over the corresponding period of the previous economic cycle, 1st July, 1961, to 31st December, 1962.
§ Mr. Frederick Lee
The figure of about 6 per cent. which my right hon. Friend gave to the House on 22nd March is the best estimate we have of the likely increase in the hourly wage rate index over the 18-month period July, 1966 to December, 1967. The increase in hourly wage rates over the period July, 1961, to December, 1962, was 6.4 per cent.
§ Mr. Bruce-Gardyne
Does the Minister agree that this shows that the whole paraphernalia of the compulsory prices and incomes policy has served no useful purpose whatsoever?