§ Mr. Lawson
asked the Chancellor of the Exchequer (1) if he will revalue table 7 of Cmnd. 7439 to 1978–79 outturn prices; if he is still content with the estimates included in that table; and, if not, approximately what revision he would wish to make to it;
(2) if he will revalue table 5.13 of Cmnd. 7439 at 1978–79 prices.
§ Mr. Joel Barnett,
pursuant to his reply [Official Report, 15 February 1979], gave the following information
There is insufficient information on prices for 1978–79 to make such a revaluation worthwhile. I am content with the estimates in tables 7 and 5.13 of 701W Cmnd. 7439, given the assumptions on which they are based.
In his speech to the House of Commons on January 25 my right hon. Friend the Chancellor of the Exchequer gave rough estimates of the effects in 1979–80 on 702W public expenditure and the PSBR at current prices of a less satisfactory outcome on earnings than was assumed in the Industry Act and the public expenditure White Paper. I have nothing to add to his remarks.