§ 23. Mr. Dickensasked the First Secretary of State and Secretary of State for Economic Affairs whether he will refer the increases in the prices charged by the Standard-Triumph Motor Corporation to the National Board for Prices and Incomes.
§ Mr. DickensMay I draw my hon. Friend's attention to the fact that this company has increased its dividends from £2,200,000 in 1961 to £3,100,000 in the latest financial year for which figures are available? Will he now take steps to reopen discussions with this company with a view to it pursuing a policy more in line with the national interest?
§ Mr. AlbuThe Government were given early warning of the price increases, and considered them carefully, but we did not think that this was a case where reference was desirable. In fact, the company has successfully absorbed most of the cost increases which it has had to face since the last increase in prices.
§ Sir G. NabarroIs it not a fact that these price increases arose not only from 1847 an increase in labour costs, but, in addition, from a sharp increase in the cost of steel, sanctioned by the Government, and a fortuitous increase in the price of copper?
§ Mr. AlbuWhether the hon. Gentleman considers an increase in the price of copper fortuitous, I do not know. All I know is that we took into account the criteria in the prices and incomes policy when considering whether or not to refer this price increase to the Board.
§ Sir S. McAddenWill the Minister bear in mind that the increases in prices are also caused by unofficial strikes at this factory, as a result of which the firm has had to lay off many hundreds of men?