§ Mr. Nicholas Wintertonasked the Secretary of State for Prices and Consumer Protection what would have been the effect on prices during 1975 if the Price Commission had allowed price increase submissions, based on maintaining operating profits as defined in the Sandilands Report, to be granted.
§ Mr. MaclennanIt is not possible to make a precise estimate, but the potential difference between the present Price Code and the code modified to incorporate the principles of the Sandilands Report would be substantial. The actual effect on prices in any period would depend on how far market constraints permitted firms to pitch prices at the maximum level permitted under the code.