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About: Price Commission     Goto   Sponge   NotDistinct   Permalink

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The Price Commission was set up in the UK under the , alongside the Pay Board, in an attempt to control inflation. The Conservative government of Edward Heath, elected at the 1970 general election, had previously abolished the in November 1970, shortly after taking power, relying on competition to keep prices down. At the same time, the Industrial Relations Act 1971 was intended to rein in the trades unions. Controls on prices were abolished soon after the Conservatives under Margaret Thatcher won the 1979 general election, and the Counter-Inflation Act 1973 was repealed by the .