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House of Commons debates

Tuesday, 19 March 1968

  • Preamble

    The House met at half-past Two o'clock

  • Prayers

    [Mr. SPEAKER in the Chair]

  • Oral Answers to Questions — Hospitals

  • Oral Answers to Questions — Ministry of Health

  • Oral Answers to Questions — Transport Bill

    17 speeches

    asked the Prime Minister (1) if he will convene a conference on productivity to consider the effects on trade and industry of the Transport Bill; (2) what representations he has received about...

  • Oral Answers to Questions — Commonwealth Prime Ministers' Meeting

    10 speeches

    asked the Prime Minister whether he will seek to call a conference of Commonwealth Prime Ministers to discuss migration within the Commonwealth.

  • Oral Answers to Questions — Scotland (National Union of Mineworkers' Resolution)

    14 speeches

    asked the Prime Minister what study he has made of the recent resolution of the Scottish area of the National Union of Mineworkers requesting the Government to introduce legislation to establish...

  • Oral Answers to Questions — Vietnam

    10 speeches

    asked the Prime Minister if he will now consider sponsoring a meeting between the President of the United States of America, the Prime Minister of the Union of Soviet Socialist Republics and U...

  • Foot-and-Mouth Disease

    23 speeches

    (by Private Notice) asked the Minister of Agriculture, Fisheries and Food if he will make a statement on the oubreak of foot-and-mouth disease confirmed at Northwood near Wem.

  • National Insurance Act 1965 (Amendment)

    3 speeches

    3.38 p.m.

    • National Insurance Act (1965) Amendment

      Bill to amend the National Insurance Act 1965 by reducing the pensionable age for men to sixty, presented accordingly, and read the First Time; to be read a Second Time upon Friday, 10th May, and...

  • Orders of the Day — Ways and Means

    • Budget Statement

      1 speech

      Before I call Mr. Chancellor of the Exchequer, it may for the convenience of hon. Members if I remind them of the procedure which the Leader of the House suggested last Thursday night might be...

    • I. Introduction

      1 speech

      This Budget is remarkable in only too many respects. It is my first, which in any circumstances would make it a memorable and intimidating occasion for the Chancellor of the Exchequer—even...

      Ii. External Position

      I turn now to the way in which I see our external position developing. My assessment is based on the assumption that, following the Washington conference and. the measures I shall be announcing...

      Prospects for 1968–69: Current Account

      How can we expect the balance of payments on current account to develop over the next year? First, provided that the world monetary system holds up, our exports would in any case have been likely...

      Prospects for 1968–69: the Capital Account

      Turning now to the capital account, we must dearly maintain in effect the measures we have taken to minimise the burden of outward investment on our balance of payments. The purpose of these...

      Conclusion

      To sum up, then, on the external position: we are still in a position of great difficulty, but also of great opportunity. We cannot right the balance or seize the whole advantage of the...

      Iii. the Budget Judgment

      I turn now, Mr. Speaker, to the general economic prospect and the basis of my Budget judgment.

      Iv. Government Finance: Outturn and Prospects

      The Financial Statement

      I turn now to the narrower field of Government finance, in order to fulfil my traditional duty to give the House the figures for this year's prospective out-turn and the estimates for the coming...

      1967–68 Provisional Outturn

      With the Budget before the end of March, the outturn figures for 1967–68 can be only provisional. The outturn of total revenue in 1967–68 on the new accounting basis is expected to be...

      1968–69 Prospects

      Turning now to the prospects for the coming year and again using the new accounting basis, Consolidated Fund revenue from taxation and other receipts is estimated at £11,952 million. This is...

      Central Government net balance

      I should at this point explain to the House that the net borrowing requirement of the National Loans Fund is not quite the same in definition as the Central Government's borrowing requirement,...

      V. Monetary Policy

      Before coming to my tax proposals, however, I should deal with one or two points in the field of monetary policy.

      National Savings Certificates

      The current issue of National Savings Certificates has been an outstanding success since it was first introduced two years ago, and it continues to offer one of the best returns obtainable in the...

      British Savings Bond

      I am also introducing a new British Savings Bond. This will replace the present National Development Bond from 1st April. British Savings Bonds will carry a rate of interest of 6 per cent., with...

      Premium Savings Bonds

      In the case of Premium Savings Bonds, I have decided to increase the size of the prize fund, the number of draws and the number of prizes. Experience has shown that what most people are attracted...

      National Lottery

      There is another form of revenue-raising which is not saving, but which can voluntarily attract money which might otherwise be spent: a National Lottery. This might well raise in this country, as...

      Vi. Tax Changes: Introduction

      I now turn to the methods by which I propose to raise the very large sum of additional taxation which is necessary. I have been exhorted from almost all sides to be bold, and from many to be...

      Vii. Tax Changes: Customs and Excise

      Betting and Gaming

      I turn first to the duties on betting. I have approached them with the conviction that the House and the country are ready for considerable increases. My only regret is that the increases I am...

      Gaming Licence Duty

      This brings me to the gaming licence duty. It would be premature to undertake any fundamental revision or sweeping increase of this duty while the House is still considering the major changes...

      Alcoholic Drink and Tobacco

      I now come to the taxes on alcoholic drink and tobacco. First drink. I have already explained that, though I think it right to raise the greater part of the revenue I require from indirect...

      Hydrocarbon Oils

      I also propose to raise the duty on hydrocarbon oils by 4d. a gallon from 6 o'clock this evening. This will apply to light oils, mainly petrol, and to diesel oils used as fuel in road vehicles,...

      Purchase Tax

      I clearly need to make substantial, though still progressive, use of Purchase Tax. There are at present three rates of Purchase Tax: 11 per cent., 16½ per cent. and 27½ per cent. The...

      Anglo-Irish Free Trade Agreement

      The first point relates to the Anglo-Irish Free Trade Agreement of 1965. Some of the adjustments of Customs duty that we agreed to make under that Agreement in favour of goods imported from...

      Renewal of the Regulator

      The third point is to announce that I propose to extend for a further year the power given to the Treasury to vary the Customs and Excise revenue duties and Purchase Tax, if the national economy...

      Viii. Tax Changes: Other Indirect Taxation

      Vehicle Excise Duties

      One source Mr. Deputy Speaker to which I must look for part of this further sum is the vehicle excise duties. I realise that the motoring public have already had to stomach the increase in the...

      Redundancy Payments Contribution

      S.E.T. is of course collected through the National Insurance stamp, and its increase will thus necessitate new stamps. We propose at the same time to make small increases in contributions to the...

      Ix. Tax Changes: Direct Taxation

      I turn now to direct taxation. My predecessor made a beginning with the reform of direct taxation and I hope to continue the work, more particularly in the field of personal taxation. In that...

      Estate Duty

      First, I propose to alter the law relating to the period before a death during which gifts are liable to Estate Duty. The full period is, and has for many years been, five years. In 1960, when...

      Corporation Tax Amendments

      I propose three amendments to the Corporation Tax provisions of the 1965 Finance Act. First, there has been an increase in the practice whereby companies offer shareholders the option of taking...

      Purchases and Sales of Know-how

      During the Finance Bill debates last year, my right hon. Friend the Chief Secretary promised that the tax treatment of purchases and sales of know-how would be reviewed in consultation with...

      Double Taxation Credit

      One minor change relates to the method of calculating how much United Kingdom tax is available for credit when income has suffered overseas tax. The House will remember that in 1965 the Finance...

      Interest on Arrears of Tax

      I am proposing another amendment which will make a considerable contribu tion to the revenue in the coming year. This relates to the interest charged on Income Tax, Surtax, Corporation Tax and...

      Post-Cessation Receipts

      1 speech

      I now turn to a matter which will be of interest, but not I fear of favourable interest, to hon. and learned Members on both sides of the House. That is the question of post-cessation receipts....

      Life Assurance

      1 speech

      Mr. Jenkins: I come now to life assurance. I say at once that I have no desire to weaken the tax position of legitimate life assurance or endowment schemes. But there are some such schemes...

      Apportionment of Marriage Allowance

      The first relates to the tax allowance given to a husband in the year of his marriage. At present the full marriage allowance is due, however late in the fiscal year the marriage takes place....

      Income of Minors

      The second proposal relates to the tax position of families where children have investment income of their own or investment income is held or applied on their behalf.

      Personal Taxation

      I now come to the major aspects of personal taxation. We already have a commitment to recover the full amount of the April increases in family allowances from people who pay tax at the standard...

      Age Allowance

      There is, however, Mr. Deputy Speaker, one small concession which I am able to make even at present. Last year the limits for the age exemption for persons aged 65 and over were raised to...

      Rate of Income Tax

      I turn to the rate of Income Tax. I propose no change in the standard rate of Income Tax, or in the reduced rates or in the width of the bands. In the context of this year's Budget needs, a...

      X. Taxation of Benefits from Ownership

      The same consideration, Mr. Deputy Speaker, does not however apply to unearned income, particularly in the higher ranges, where no one can seriously pretend that the benefits have been achieved...

      Corporation Tax

      Corporation Tax would be the most obvious method of dealing with an increase in profits. But an increase in profits—particularly from the somewhat depressed level at which they have been...

      Capital Gains Tax

      The next possibility is an increase in the rate of Capital Gains Tax. This tax is making a material and growing contribution to the revenue. The yield this year is approximately £16 million...

      Special Charge

      Having excluded an increase in the Capital Gains Tax or a further increase in the Corporation Tax, I am left therefore with the possibility of some impost upon the private wealth of individuals....

      Xi. Conclusion

      This brings the total yield from all the increases in taxation I have described to £923 million for a full year and £775 million in 1968–69. Even without the measures already...

      Provisional Collection of Taxes

      Resolved,That pursuant to Section 5 of the Provisional Collection of Taxes Act, 1968, provisional statutory effect shall be given to the following motions— (a) Spirits (Excise and Customs)...

      Amendment of the Law

      39 speeches

      Motion made, and Question proposed,That it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance, so,...

      BIRMINGHAM CORPORATION BILL (By Order)

      57 speeches

      Order for Second Reading read.

      Ways and Means

      Budget Statement

      Amendment of the Law

      9 speeches

      Postponed Proceeding on Question:That it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance, so,...

      Thames Valley Police (Amalgamation)

      Order read for resuming adjourned debate on Question [18th March]:That the Thames Valley Police (Amalgamation) Order 1968, a draft of which was laid before this House on 14th February, be not...

  • Orders of the Day — Police (Search Warrants)

    9 speeches

    Motion made, and Question proposed, That this House do now adjourn.—[Mr. Gourlay.]

What is this?

Debates in the House of Commons are an opportunity for MPs from all parties to scrutinise government legislation and raise important local, national or topical issues.

And sometimes to shout at each other.

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