asked the Chancellor of the Exchequer to what extent his appeal for continued restraint in profits and dividends in paragraph 14 of the White Paper, Incomes Policy: The Next Step, includes restraint on the part of individuals and others in the matter of capital gains and increases in share values arising from mergers and takeover bids.
What he said in his speech was this:
If we raise wages and the wages funds are higher than the funds of goods, what happens then? You will have a lot of money, but you will not buy meat and milk in the shops, because the output of produce will fall still further behind the population's purchasing power. In such a situation the speculator is the only one to gain.
Is the Chancellor aware that he could galvanise this nation into a similar effort to that being made in the U.S.S.R. if there were fair dealing among all sections of the population? Does he not realise that it is precisely because there is this discrimination in favour of shareholders and against those who earn their living that he is dividing the nation and failing to get the response he wants?
I certainly agree that it is very necessary to convey to the people the sense of fair dealing. When hon. Members opposite talk about shareholders they never refer to cases where shareholders lose their money.