Clause 23 - Charge and rates for 2004–05
Finance Bill
10:15 am
Mr Howard Flight (Shadow Chief Secretary To the Treasury, Economic Affairs; Arundel and South Downs, Conservative)
We are pleased to note that the RPIX is effectively being applied to indexing personal allowances. We also note the continuing wide gap between that and the new consumer price index pick-up measure. Notwithstanding that, there will be substantial fiscal drag as earnings, especially overall earnings in the public sector, rise faster than inflation. We are interested to know how many people are now paying tax in the top 40 per cent. bracket, and how many more the Government anticipate will be paying tax in that bracket after this year's Finance Bill.