Orders of the Day — Steel Industry and Road Haulage

Part of the debate – in the House of Commons at 12:00 am on 12th November 1951.

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Photo of Mr David Maxwell Fyfe Mr David Maxwell Fyfe , Liverpool, West Derby 12:00 am, 12th November 1951

It means during the period of re-armament. E.P.T. works on comparative periods, and it means that there can be no further increase over the basic period over that time. That is the way in which E.P.T. works. I am putting the point because the hon. Gentleman has put himself definitely upon this point. It is only fair that those who are judging the matter should have this point in mind that we who make this proposal in a line of policy about which we have never faltered or changed, have accompanied this policy by proposals for taxation which mean that profits cannot be increased.