Labour Party’s “budget”
Sir,—Condemnation of the Labour Party’s six-point economic plan by the president of the Associated Chambers of Commerce as “highly inflationary” is scarcely comprehensible. ("The Press.” October 26. 1977). The plan included an injection of $3O million into the Development Finance Corporation which lends rnainlv to medium-sized and small 'businesses at lower interest rates, thus reducing costs and prices. Inflationary? (Manufacturers are clamouring for more investment capital at reasonable interest rates). More spend-ing-money across the counter when businesses are gomg bankrupt. Inflationary? Reduction in house prices, thus reducing the demands for more wage increases. Inflationary’? Record taxation has reduced net incomes, and should have reduced demand and therefore inflation. Has it? The influence upon Governments from people in “high” places is leading the Western world to social and economic chaos, while socialism and communism march on with broad grins.— Yours, etc.. P. NORMAN DAVEY. October 26, 1977.
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Press, 29 October 1977, Page 16
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149Labour Party’s “budget” Press, 29 October 1977, Page 16
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