§ Mr. Nottasked the Secretary of State for Prices and Consumer Protection whether she will estimate the effect on corporate profits and on the index of retail prices of the new modifications to the Price Code announced by the Chancellor of the Exchequer in his statement on 22nd July.
§ Mr. MaclennanThe White Paper Command 6540, which my right hon. Friend laid before the House on 30th June, estimated that the effect of changes in the Price Code would be to increase the Retail Price Index by about 1 per cent. in the coming 12 months. Subsequently, in reply to the hon. Member for Plymouth, Drake (Miss Fookes) on 5th July, my right hon. Friend estimated that they could mean a difference of around and rather below £1 billion to profits. The further modifications announced by my right hon. Friend the Chancellor of the Exchequer on 22nd July do not materially affect these broad estimates.