HC Deb 11 May 1967 vol 746 cc1670-1
3. Mr. Biffen

asked the First Secretary of State and Secretary of State for Economic Affairs by what means he proposes to encourage non-statutory supervision of price changes in the light of the Government's objective of promoting a voluntary prices and incomes policy.

Mr. Frederick Lee

Primarily through continued operation of the voluntary arrangements for early warning of price increases, concentrated on prices of economic significance, including those of importance in the cost of living.

Mr. Biffen

Is not the right hon. Gentleman aware that although the T.U.C. has accepted responsibility to do some supervision of wage claims, the C.B.I. has openly declared that it is not prepared to undertake a similar rôle for the supervision of prices? Since the hon. Member for Edmonton (Mr. Albu) said, when he left the Department of Economic Affairs, that he did not believe that one could have a system of price control, is it not clear that the policy will operate by differing standards for prices than for incomes?

Mr. Lee

In that event, I cannot understand why the hon. Gentleman has been opposing a compulsory system. For our part, we believe that, after the initial period, during which both the T.U.C. and the C.B.I. will be building up the machinery which they intend to use, we can then have a fully voluntary system, and I believe that it will work effectively.