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Prices

Volume 931: debated on Saturday 5 March 1977

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asked the Prime Minister whether he based his reply on 5th April to the center hon. Lady the Leader of the Opposition about the relative rise in prices in Italy and the United Kingdom on the same data as given in his answer to the hon. Member for Chingford on 2nd May.

The hon. Member should read my reply to a supplementary question on 5th April in the light of my answer to his Question of 27th April as well as 2nd May. Together these show the United Kingdom's improving relative rate of inflation. The United Kingdom's rate of inflation for the total period since March 1974 has been significantly affected by the high level of money supply during years before 1974, which, for instance, rose by 25 per cent in the 12 months to March 1974.