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International Monetary Fund

Volume 643: debated on Tuesday 4 July 1961

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asked the Chancellor of the Exchequer what reasons the French Government have given for their opposition to Anglo-American proposals to modify the International Monetary Fund mechanism in order to supplement the short-term plan proposed at Basle to counter speculation and large-scale currency movements against the free world's currencies; why it is the policy of Her Majesty's Government to await French agreement before taking action in this matter; and if he will make a statement.

Discussions are continuing among the Executive Directors of the International Monetary Fund on proposals put forward by the Fund Staff. It would be premature for me to comment on them now.

July, 1961
1938Participating in the graduated National Insurance SchemeContracted out of the graduated National Insurance Scheme
Gross Earnings3901410914109
Income TaxNil188188
Unemployment Insurance9
Health Insurance
Pension Contribution
Industrial Injuries77
National Health Service22
National Insurance:
Flat rate7810½
Graduated contribution49
Total Deductions172402010
Net Earnings375126912911
The consumer price index brought up to date by the retail price index has increased by 191 per cent, since 1938. On this basis a net income of £3 7s. 0d. a week in 1938 was equivalent to £9 15s. 0d. a week in May, 1961. The differences between this and the net incomes shown above are £2 11s. 9d. and £2 14s. 11d.