asked the Chancellor of the Exchequer whether he will seek to change the law for nationalised industries in order to ensure that any profits are used to reduce prices in order to ensure that the general public can receive benefits from public ownership.

Legislation is not required. As a general rule the Government expects nationalised industries' prices to reflect the costs of particular goods and services; including all capital costs and prudent provision for reserves. The general public, as consumer and tax-payer, benefit from any profit over and above costs.