HC Deb 05 July 1976 vol 914 cc944-5
8. Sir George Young

asked the Secretary of State for Prices and Consumer Protection whether she has any plans to control commodity speculation.

Mr. Maclennan

The Bank of England has the primary responsibility for supervision of the London commodity markets, and since the present Government took office the arrangements for this supervision have been reviewed and improved.

Sir G. Young

Does the Minister recall that his right hon. Friend said during the February 1974 General Election campaign that commodity speculation could and should be controlled? Does he know whether she still adheres to that view? If so, what is she doing to implement it?

Mr. Maclennan

As I have just told the hon. Gentleman, the arrangements for supervision of the markets in London by the bank have been improved and strengthened. More information is now available to permit interventions by the market associations if there is undue speculation which has a distorting effect.

Mr. Lipton

Is it not possible, in view of the further information apparently available, to know exactly who is making money out of the commodity markets? It cannot be a large number of people who are exploiting them. We should know who they are.

Mr. Maclennan

That is among the information that the market associations hope to improve and supply to the bank.