Below is the text of Mr Major’s written Parliamentary Answer on Unit Labour Costs on 7th July 1988.
Mrs. Virginia Bottomley To ask the Chancellor of the Exchequer if he will make a statement on the current level of increase in unit labour costs.
Mr. Major The latest figures show that in the fourth quarter of 1987 unit labour costs for the whole economy rose by 3.9 per cent. over the previous year. In the three months ending April 1988, manufacturing unit wage and salary costs rose by 3.2 per cent. over the previous year.