HC Deb 14 May 1971 vol 817 cc182-3W
Mr. Sproat

asked the Secretary of State for Trade and Industry what notification his Department has received of the number of chain stores and/or individual shops that have announced they will cut prices, other than those of food and drink, following the announcement that selective employment tax will be cut by 50 per cent. from July; what items are concerned; and what estimate he has made of the effect on prices of goods, other than food and drink, of the cut in selective employment tax.

Mr. Anthony Grant

There are no formal arrangements for the notification of price reductions but I am aware of a considerable number that have been reported in the Press. They have been implemented by many companies and cover a wide range of products and services including furniture, shoes, clothing and hotel charges as well as food and drinks. Other firms have announced their intention to hold prices that would otherwise have been increased.

It is not possible to estimate the effect of the cut in S.E.T. on the prices of individual products or groups of products.