§ 50. Mr. Jayasked the President of the Board of Trade whether he will introduce legislation to ensure that proposed company mergers, or amalgamations, shall require to be approved as in the public interest either by the Monopolies Commission or a monopolies court with terms similar to those of the Restrictive Practices Court.
§ Mr, N. MacphersonNo, Sir.
§ Mr. JayAre the Government content to watch competition being further and further curtailed in British industry and do nothing about it at all?
§ Mr. MacphersonIt is not clear that all mergers will work against the public interest in the same way, for example, as restrictive trade practices are considered to work against the public interest unless the contrary is proved.
§ Mr. JayIs not the hon. Gentleman aware that the ré gime of the Restrictive Practices Court is to judge which practices are against the public interest? Why should not the same apply to mergers?
§ Mr. MacphersonOne very clear reason is that before a conclusion could be reached by the appropriate body a long time would necessarily elapse, and during that time the position might have changed entirely.