§ 8. Mr. Holtasked the Secretary of State for Industry, Trade and Regional Development whether, in view of the widespread price increases throughout British industry, he will introduce legislation to set up a price office, to which all manufacturers with a turnover of over £2 million per year would be obliged to send their price lists for information and publication, which would ensure that swift remedial action in the form of tariff cuts and action against price rings could be taken when necessary.
§ Mr. du CannNo Sir.
§ Mr. HoltIs not that Answer just as unsatisfactory as the previous one given by the President of the Board of Trade? If the Government are determined effectively to make inroads on restrictive practices, is it not necessary to bring the light of day to bear upon the kind of practices which firms adopt when their restrictive agreements are banned? 1312 Would it not be a good idea to provide that all price lists should be sent to such a price office, for everybody to see and examine?
§ Mr. du CannThe hon. Member's suggestion is obviously not the best way of tackling this problem.
Mr. Gresham CookeIs my hon. Friend aware that the recent price increases which have taken place in engineering and other industries have been the result of increases in wages—[Interruption.]
§ Mr. ManuelDo your homework.
Mr. Gresham Cooke—and that many people will take note of the new form of authoritarian State which is being introduced by the Labour Party?
§ Mr. du CannIn fact, the provisional wholesale price indices for December show that the prices of all manufactured products sold on the home market rose by under 2 per cent. during 1963. It is probably too soon for any price increase which can be attributed to the recent engineering pay increase to be reflected in the price information supplied by the Board of Trade.