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Volume 982: debated on Monday 31 March 1980

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asked the Chancellor of the Exchequer when he expects the rate of inflation to be reduced to that in operation at May 1979.

To reverse the rising trend in inflation which we inherited when we took office in May 1979, we are committed to reducing the rate of growth of the money supply and steadily lowering the level of public expenditure. The speed at which the rate of inflation will fall as a consequence of these policies depends critically on how fast wage settlements adjust to financial realities.