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According to the press release dated 10 December, the inquiry will:

...look at access to journals within the scientific community, with
particular reference to price and availability. It will be asking what
measures are being taken in government, the publishing industry and
academic institutions to ensure that researchers, teachers and students
have access to the publications they need in order to carry out their
work effectively. The inquiry will also examine the impact that the
current trend towards e-publishing may have on the integrity of journals
and the scientific process.

Written evidence from interested parties is invited by 12 February.
Click here for the press release:
http://www.parliament.uk/parliamentary_committees/science_and_technology
_committee/scitech111203a.cfm

The Publishers Association intends to submit a response that "sets an
accurate context for the debate and addresses questions of access,
business models, market competition and integrity". 

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And what is CILIP doing, one wonders?