Royal Assent
Mr Terence Higgins (Worthing)
If I have, I apologise. Perhaps I might make the point that I was going to make, which is still relevant. The cuts in purchase tax will have a considerable effect on the man in the street. It is not only the rich who buy television sets or washing machines, electric or paraffin space heaters, electric irons, light bulbs, radio sets, mirrors, soaps, shampoos, proprietary drugs and medicines. All were previously charged at 33 per cent. and that rate will now be reduced.
Of course, gramophones, records and cosmetics, which are not the prerogative of the rich, will also be substantially reduced. So the purchase tax cuts will, I believe, have an effect on prices. My right hon. Friend's Budget shows prudence and imagination. Combined with our policy of de-escalation it takes a major step forward in our battle against the upward spiral of inflation and in my—