§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will give details in the OFFICIAL REPORT of the action taken by his Department in the calendar year 1972 to reduce prices to the consumer and with what success in each instance; and in how many cases these actions were taken since the imposition of the Government's freeze in November 1972.
§ Mr. NottThere are many ways in which the Government's economic policies in 1972 helped to reduce prices or to reduce the rate of increase in prices—for example the reduction in indirect taxes in the 1972 Budget, the policy of restraint on the nationalised industries' prices which supported the voluntary policy of price restraint agreed by the Confederation of British Industry and the first stage of the counter-inflation policy introduced on 6th November. It is not possible to list in detail actual price cuts resulting from the Government's policies.