The Price Commission was set up in the UK under the Counter-Inflation Act 1973, alongside the Pay Board, in an attempt to control inflation.
At the same time, the Industrial Relations Act 1971 was intended to rein in the trades unions.
A 90-day freeze of pay and prices (as well as rents and dividends) was introduced on 6 November 1972 under the Counter-Inflation (Temporary Provisions) Act 1972.
The Conservatives were unable to keep power after the inconclusive February 1974 UK general election, and the Pay Board was abolished in July 1974 by the minority Labour government led by Harold Wilson, but the Price Commission continued.
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