Mr. Williams:

When the privatised utilities make profits of over £10 billion a year with a rate of return of 20, 15 and even over 40 per cent., is it not clear, as the Select Committee on Trade and Industry has said, that the initial price controls unduly favoured shareholders over consumers? As a former energy Minister has said, we need a radical overhaul of utility regulation. Would not that provide the best tax cuts of all that would benefit most people on the lowest incomes?