Efta Says U.k. Prices Rose Twice as Fast as Wages

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According to a report of the European Free Trade Association, retail prices in the U.K. rose over twice as much as weekly wages during the second half of last year. But these measures, the report says, did improve Britain's balance of pay= ments position. Retail prices rose by 1.7 per cent between July 66 and February 67, largely because of tax increases and seasonal factors, while in the same period “weekly wage rates rose by only 0.8 per cent, compared with a rise of 2.5 per cent over the corresponding seven months period a year previously." The government measures nevertheless had the desired effect. "Mainly as a result of the new measures, the balance of payments position was considerably improved by the fourth quarter of 1966, most of the improvement being due to a large visible trade surplus."