HC Deb 22 February 1978 vol 944 cc650-1W
Mr. Palmer

asked the Secretary of State for Prices and Consumer Protection if he will introduce legislation to seek to provide that, where a firm has taken advantage of the minimum profitability safeguards in the Price Code to increase prices during an investigation of an application for higher prices by the Price Commission, any increase in taxable profits it makes in the year of such increase over the previous year will be subject to a profits levy reducing after-tax profit to the level of the previous year.

Mr. Maclennan

No. I believe that the question of profit is adequately covered by Section 2 of the Price Commission Act. My right hon. Friend is, however. keeping the working of the safeguard regulations under review, and he will introduce any changes in the regulations that may appear to him to be desirable when we have more experience of their operation.