§ 12. Mr. Kinseyasked the Minister of Agriculture, Fisheries and Food what effect he estimates the Confederation of British Industry initiative has had on the price of manufactured foods; and if he will make a statement.
§ Mr. PriorIt is not possible to measure the effect on retail prices of the C.B.I. initiative but it is encouraging to note that, in the four months to November, 1971, the sub-group of the retail price index which covers manufactured foods rose by only 1.2 per cent.
§ Mr. KinseyWe have been encouraged by the figures given to us today by my right hon. Friend, but does he feel that if he had had further co-operation from the trade unions we might have seen an acceleration of the decrease in prices possibly extending over a longer period than the 12 months?
§ Mr. PriorI have always believed that it is far better to have an increase in production and in real wealth than an 201 increase in money wealth, which is soon caught up by increased prices. I think the whole country—trade unions, employers and everyone else alike—has a part to play in that.
§ Mr. GoldingWith one million unemployed, will the Minister tell us what incentive there is to increase production? Will he also say what he expects the increase in the price of food to be after the ending of the C.B.I. initiative?
§ Mr. PriorThe first part of the supplementary question is of no relevance to the original Question on the Order Paper. The second half of the supplementary question I answered earlier.