§ Sir L. Lyleasked the Chancellor of the Exchequer whether the contents of the White Paper on Price Stabilisation and Industrial Policy, issued last July, still represents the views of His Majesty's Government; and whether developments since that date are regarded by the Treasury as in any way invalidating the fulfilment of the hope expressed in that document?
§ Sir K. WoodThe answer to the first part of the Question is in the affirmative. As to the second part, the White Paper stated that the policy of price stabilisation will be made impossible and increases of wage rates will defeat their own object unless such increases are regulated in a manner that makes it possible to keep prices and inflationary tendencies under control. The White Paper endeavoured to indicate a relation between cause and effect which, in the Government's opinion, is of permanent validity.