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Social Contract

Volume 887: debated on Tuesday 25 February 1975

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asked the Chancellor of the Exchequer if he will make a statement on the operation of the social contract and its overall effect on the economy.

The social contract covers the whole range of Government economic policies. Since entering office, we have done all in our power to sustain our side of the bargain by protecting the weaker members of the community against inflation and by assisting industry in order to protect jobs. Similarly, the majority of the trade union movement have put a very real effort into their side of the social contract by observing the TUC guidelines on pay. Nevertheless, if considerable numbers of workers continue to settle outside the spirit of the guidelines, the effects on employment could be serious.