asked the Prime Minister whether the public speech by the Chancellor of the Duchy of Lan- caster at a conference organised in London by the Financial Times on 27th June on Government policy towards ownership and inflation, represented the views of Her Majesty's Government.

Yes, Sir.

The Chancellor of the Duchy of Lancaster told us in the course of his speech that the Government are determined to avoid the alternatives of a state of slump and hyperinflation and that they will pursue what was described as a "more constructive alternative". However, as The Financial Times pointed out, the right hon. Gentleman did not describe the nature of that constructive alternative. Will the Prime Minister enlighten us?

I think that it would have been wrong of my right hon. Friend, as it would be wrong of me today, to anticipate the statement of my right hon. Friend the Chancellor of the Exchequer next week.

Will the right hon. Gentleman confirm that his right hon. Friend the Chancellor of the Duchy of Lancaster was actually there to make the speech and that it was not read for him by the Government Chief Whip?