Abstract
Since 1945 there has been a constant upward movement of the indices of wage rates in Britain, average weekly earnings (only slightly affected by shifts in the employment distribution of wage earners), and retail prices. The margin between rates and earnings has progressively widened, to a consid erable degree owing to overtime pay. Wage rates and retail prices have shown parallel rises on the whole. The various factors involved in these movements are analyzed, including the policies of the Labour and the Conservative govern ments.—Ed.
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