Below is the text of Mr Major’s written Parliamentary Answer on Inflation and Unemployment on 23rd February 1989.
Mr. Macdonald To ask the Chancellor of the Exchequer if he will give the total number of months in which inflation and unemployment fell simultaneously in the 117 months between May 1979 and January 1989.
Mr. Major The annual rate of change in the retail prices index has fallen in about half of the months between May 1979 and January 1989 and has averaged less than 5 per cent. over the last five years, compared with an average of about 15 per cent. between 1974 and 1979. Unemployment has fallen for the last 30 months in succession to under 2 million. Inflation and unemployment have fallen simultaneously in five months.