We want to take the Government out of business which can be more efficiently and economically operated by private traders. All international marketing agencies, such as the Liverpool Cotton Exchange, should be restored to private enterprise and bulk purchase reduced-though existing bulk purchase contracts would be respected. Similarly, we would abandon any form of limitation of entry into any kind of trade production. Since the Whitley Committee was set up during the first world war, Liberals have striven for joint consultation at all levels of production. Joint consultation is, to a great extent, disregarded in privately-owned companies and its operations hampered in state industries.
Remote control imposed by managements and trade union headquarters is largely responsible.
The industrial worker should receive a share of increased profits as a matter of right and not as an act of grace by his employers, and, wherever practicable, be increasingly associated with the business of management. One immediate concession a Liberal Government would make to benefit production would be to remove profits tax on undistributed profits used to replace capital equipment. The Liberal attitude is clear. Monopoly where it is not inevitable is objectionable and should be broken up. In any case, we are persuaded that there should be no consideration of any further nationalisation of industry for a period of five years, until the results of nationalisation to date have been digested.