§ The Prime MinisterI did so yesterday, Sir; and other visits are in prospect.
§ Mr. RostDid the Prime Minister explain to the City, to overseas bankers and to the country how a threatened squeeze on profits combined with the promised penal taxation of the better-off, which will redistribute wealth from savers to spenders, will help to curb inflation and how it will help to provide the capital investment which the country needs to improve productivity?
§ The Prime MinisterI expected more in the hon. Gentleman's supplementary 846 question than a continued rehearsal of his election speeches, which apparently succeeded in getting him back here. I cannot anticipate my right hon. Friend's Budget Statement next week.
§ Mr. StonehouseBefore my right hon. Friend next visits the City, will he examine the detailed results of the joint stock banks which show fantastic increases in profits due to factors which are beyond their control, namely, higher interest rates? Will he look at means that can be adopted to channel some of these funds into the building society movement and into municipalities to make them available for house purchase?
§ The Prime MinisterThese matters, both the statement of fact made by my right hon. Friend and the point put in his question, are in the mind of my right hon. Friend the Chancellor of the Exchequer and of the Government.
§ Mr. PardoeDeclaring an interest as a member of the London Metal Exchange, may I ask whether the Prime Minister will be a little surprised to hear that I am inviting him fresh from his visit to the City to set up a Royal Commission to study the effects and consequences of the commodity markets?
§ The Prime MinisterIt happens thaw I met two leading commodity people last week. The hon. Gentleman, having disclosed his interesting interest, will be aware that a proposal for a Royal Commission into the commodity markets was proposed by the Labour Party at its conference last year. The Government are now going into the question and will have discussions about it.