§ Mr. Raisonasked the Chancellor of the Exchequer when the Price and Pay Code will be published; and when it will come into force.
§ Mr. Patrick JenkinToday. The White Paper (Cmnd. 5267) sets out the details of the operation of the counter-inflation programme, and contains in Section 2 the draft Pay and Price Code. This follows a debate in Parliament and intensive consultation with representatives of industry and commerce, of consumers and of the professions, on the Consultative Document, Cmnd. 5247. The Government propose to make an order containing the code in its final form on 1st April. This will activate Part II of the Counter-Inflation Act 1973, with its powers for regulating prices and pay, and will mark the end of the pay standstill, though the standstill will continue until 28th April for prices. It is envisaged that this stage—stage 2— will last until about the end of October 1973. It is intended that the Price Commission and Pay Board will both be operational from 1st April 1973.