§ Mr. Arthur Lewis
asked the Chancellor of the Exchequer, since the Government have declared that their economic policies are correct and the economy is improving, whether workers will be able to improve their standard of living in the coming years and recover some of the decline in standards of the past two and a half years.
§ Mr. Robert Sheldon
The fall in living standards has been due to changes in our extenal position, which themselves partly reflected our relatively high rate of inflation in recent years. The only long-term guarantee of rising living standards for the future is to conquer inflation, to rebuild our industrial base and to improve our productivity and our international competitiveness.