Milk

HC Deb 27 March 1974 vol 871 cc155-7W

Mr. John Ellis

asked the Secretary of State for Prices and Consumer Protection whether she will propose a further consumer subsidy on milk.

replacement cost net assets, (c) post tax rate of return on historic cost net assets, and (d) past-tax rate of return on replacement cost net assets.

Mr. Meacher

I have been asked to reply.

The information available for United Kingdom manufacturing industry is given in the table below.

Mrs. Shirley Williams

As indicated by my right hon. Friend the Chancellor of the Exchequer in his Budget statement yesterday, the Government have decided to reduce the maximum retail prices of all grades of milk for liquid consumption by 1p per pint with effect from 21st April. An order implementing this decision is being laid before the House today.

Expenditure in 1974–75 on this further subsidy on milk is estimated at £127 million. A Supplementary Estimate will be presented to the House, and pending approval of this it may be necessary in due course to have recourse to the Contingencies Fund.