§ Mr Alexander Fletcherasked the Secretary of State for Industry, if he is aware that from 1st January 1978 the price of British Steel Corporation products has been increased by up to 40 per cent.; and what estimate he has made of the 372W effect of this increase on prices throughout the economy.
§ Mr. Les HuckfieldThe hon. Member is inaccurate. Prices for most steel products are subject to Treaty of Paris rules and are not covered by United Kingdom prices legislation. Taking account of ECSC requirements, the British Steel Corporation is increasing prices for about one-third of its products by amounts ranging from 2 to 15 per cent., mainly at the lower end of the range. A 10 per cent. increase in steel prices would directly increase the wholesale price index for all manufacturing output by 0.1 per cent.