§ 34. Mr. Lofthouse
asked the Chancellor of the Exchequer what estimate he has made of the effect that real wage cuts have on the economy.
§ Mr. Peter Rees
The most important effect that a fall in real wages would have on the economy would be on employment. An estimate of this was given to the House by my right hon. Friend the Chancellor of the Exchequer on 30 October 1984 at column 1183.