Tuesday, 15 April 1969
The House met at half-past Two o'clock
[Mr. SPEAKER in the Chair]
PRIVATE BILLS [Lords] (No Standing Order not previously inquired into applicable)
As amended, considered to be read the Third time.
Read a Second time and committed.
Second Reading deferred till Tuesday next.
Second Reading deferred till Thursday.
asked the Chancellor of the Exchequer if he will make a statement on discussions he has had with members of the United States administration on the implementation of the Special Drawing Rights scheme.
asked the Chancellor of the Exchequer if he will make a statement on the level of bank lending.
asked the Chancellor of the Exchequer what further consideration he has given to proposals for publishing in draft form all legislation dealing with new taxes and changes in existing taxation,...
asked the Chancellor of the Exchequer whether the public expenditure reductions announced on 16th January, 1968, for the financial year 1968–69 have now all been carried out.
asked the Chancellor of the Exchequer whether he is satisfied with the methods of economic and financial forecasting currently used by his Department and if he will make a statement.
asked the Chancellor of the Exchequer why Purchase Tax is to be charged upon the multiples that are exhibited at the Robert Fraser Art Gallery.
asked the Chancellor of the Exchequer if he will now make a statement about rephasing the Government's overseas debts.
asked the Chancellor of the Exchequer what study he has made of the effects of taxation upon incentives.
asked the Chancellor of the Exchequer if he will make a study, through the Government Social Survey, of the social effects of the compulsory aggregation of the incomes for Income Tax and Surtax...
asked the Chancellor of the Exchequer what economic forecasts he plans to publish in the Financial Statement.
asked the Chancellor of the Exchequer what is his estimate of the rate of interest that savers will need over the next 12 months in order to maintain the real value of their investment and yield...
asked the Chancellor of the Exchequer what plans he has for improving the presentation in the balance of payments accounts of the capital and monetary items.
asked the Chancellor of the Exchequer what plans he has to relax controls on overseas investment in the non-sterling area.
asked the Chancellor of the Exchequer what was the rise in the money supply in the fourth quarter of 1969 by comparison with the corresponding quarter of 1968.
asked the Chancellor of the Exchequer what was the cost to public funds of the legal proceedings in Shaw v. Borrett.
asked the Chancellor of the Exchequer if he will now exempt outer reflective clothing, used in road safety and post-accident work, from the imposition of Purchase Tax.
asked the Chancellor of the Exchequer, in view of the fact that Surtax was fixed at £2,000 per annum in 1919, and the value of the £ sterling has fallen to 7s. 2d. in the intervening...
asked the Chancellor of the Exchequer what increase there has been in the number of representations from taxpayers about administrative matters concerning Pay As You Earn; and what annual figures...
asked the Chancellor of the Exchequer what instructions he has issued to tax offices in order to expedite the handling of tax matters in their respective areas.
asked the Chancellor of the Exchequer what have been the annual net profits or deficits of each of the nationalised undertakings during the periods of office of their present chairmen; what are...
asked the Chancellor of the Exchequer if he is aware that thousands of medallions made in precious metals, including gold, are on sale for export which have been minted in Great Britain,...
asked the Chancellor of the Exchequer how much foreign currency has already been borrowed by the nationalised industries; and how much he expects to be borrowed by the end of 1969.
asked the Chancellor of the Exchequer what consideration he has given to the question of allowing farmers and horticultural growers to be assessed for Income Tax over a three-year period; and if...
asked the Chancellor of the Exchequer what is the total cutback in public and private expenditure planned in accordance with Budget statements and other statements by Her Majesty's Government...
asked the Chancellor of the Exchequer in view of the fact that the increase in the number of millionaires over the last five years is greater than for any similar period hitherto, what steps he...
asked the Chancellor of the Exchequer what are the total sterling balances he guaranteed to repay in dollars and which would automatically increase in the case of further devaluation; and in...
asked the Chancellor of the Exchequer what was the total overseas indebtedness as at 5th April, 1969; what has been the change since December, 1968; what is the total of interest payments that...
asked the Chancellor of the Exchequer if he will now take steps to increase overseas investment, at the expense of overseas aid and expenditure on defence, following the meeting of the United...
asked the Chancellor of the Exchequer if, in view of the difficulties being experienced in the North-East in obtaining copies of In Place of Strife and other Government publications, he will set...
asked the Chancellor of the Exchequer what is his latest estimate of the cost to the Exchequer and to the balance of payments of sanctions against Rhodesia, and of the forfeiture of orders for...
asked the Minister of Housing and Local Government whether, in view of the difficulties caused by and resultant upon the Ronan Point disaster, which are making the Newham Council curtail and...
asked the Minister of Housing and Local Government if he will take steps to increase the rate support grant for Greater London to offset the increased deficit imposed on its housing revenue account.
asked the Minister of Housing and Local Government when he expects to arrive at a decision on the expansion of Ipswich; and what are the reasons for the delay.
asked the Prime Minister what further proposals he has for mergers of Departments.
asked the Prime Minister if he will make an official visit to the Middle East.
asked the Prime Minister if he will make a statement on his recent official visit to Nigeria.
asked the Prime Minister if he will place in the Library a copy of his public speech at Prescot on 14th March regarding industrial relations.
Before I call Mr. Chancellor of the Exchequer, it may be for the convenience of hon. Members if I remind them of the procedure which was introduced last year and which is to be followed again...
3.35 p.m.
In the last year there have been further disturbances in foreign exchange markets, which have led to concern about international monetary arrangements. I welcome constructive discussion about...
But the growth of world trade cannot be ensured simply by international co-operation in the monetary field. Individual countries, both those in deficit and those in surplus, must play their part...
Within this world setting the United Kingdom balance of payments has continued in deficit. Inevitably there was an initial adverse effect after devaluation. Improvement has...
I now turn to the capital account. During 1968 the net effect of the capital account on the balance of payments was a debit of only £39 million. But the make-up was complicated. Our official...
In concluding this section of my speech, I must add a word about external financing. I have had prepared for the Financial Statement and Budget Report a table which rearranges the published...
I turn now, Mr. Speaker, to the general economic prospect which forms the basis of my Budget judgment. In the Financial Statement last year I published economic forecasts for the 18 months period...
Turning to the year ahead, that is the period between the first half of 1969 and the first half of 1970, the central forecast is that on the basis of present policies and levels of taxation,...
I come now to incomes policy and industrial relations.
I propose this year to deal very briefly with the Government's financial accounts. The essential figures are set out in the Financial Statement and Budget Report, as it is now called, which I...
The reason I attach the greatest importance to monetary policy is not my sudden conversion to some obscure foreign cult. Important but arcane arguments go on among professional economists about...
Prospects for the gilt-edged market are much better than they were this time last year, primarily because the public sector as a whole will be repaying debt. I propose to fortify this better...
Before I outline my major proposals, there are a number of minor matters which I should mention.
First, I have to report to the House on the operation of the scheme which I introduced last year under which improvements in family allowances were confined to those without sufficient income to...
1969–70 will see the implementation of a new tax rule under which the unearned income of children who are not married, or in regular full-time work will be aggregated with the income of...
I propose to repeal the existing provision under which a beneficiary for whom income has been accumulated under a will or settlement contingently on his attaining a specified age or marrying may,...
The tax position of artists is at present open to criticism because those who have been engaged on a single work of art for a long period—by which I mean a period of over 12...
I propose a number of changes in the law relating to the Capital Gains Tax, in addition to the one I have already described.
The Finance Bill will contain provisions to counter tax avoidance in three fields. The first relates to the profits arising from land, where the provisions of Sections 21 to 26 of the Finance...
The rate of interest charged on unpaid taxes has been 4 per cent. since 1967. This is too low in present conditions to provide a real deterrent to tax-payers who might be tempted to delay payment...
In recent weeks, two decisions of the House of Lords have overruled certain interpretations of the law which have long been followed by the Inland Revenue and accepted as reasonable and equitable.
The Television Acts of 1963 and 1964 provided for two kinds of rental to be paid by programme contractors. Rentals in the first category were to cover the costs of the Independent Television...
I now turn to two matters which are certainly not minor, but which do not belong to my major taxation proposals either. First, pensions. As the House knows, there is to be an uprating of social...
The Government have also decided to make certain changes in the incidence of the betterment levy. These will help, in particular, the small owner, in many cases completely exempting him from the...
I now approach my major taxation proposals. First, however, I would like to say something about my attitude to taxation reform. I hold to the view that novelty for its own sake should not be a...
The main field I have chosen for reform and rationalisation this year is Estate Duty, and I start with a substantial recasting of the charge of Estate Duty on settled property.
I turn to alcoholic drink and tobacco. For tobacco, spirits and beer, I propose to incorporate the Regulator surcharges into the substantive rates of duty, but to make no other increases. In the...
I come now to Purchase Tax. The present rates, inclusive of the Regulator surcharge, are 13¾ per cent. on clothing, furniture, and certain other household goods; 22 per cent. on...
I now come to Vehicle Excise Duty. For commercial vehicles, I propose no increase. This brings me to the car licence duty, a subject which has attracted some attention over the last few months. A...
I now come to company taxation. In the Budget Speech last year I explained the reasons which led me to conclude that it would not then be right to make a further increase in Corporation Tax...
This increase in Corporation Tax makes it doubly necessary for me to give special consideration to the position of close companies, which in any event I had thought ready for review. Some of...
Mr. Speaker, I have now raised a substantial amount of additional revenue, but clearly not enough on the assumptions on which I think it right to work. I need more than £100 million more,...
I turn to the incidence of direct taxation upon individuals. As last year, I propose no change in the standard rate of Income Tax or in the Surtax rates. I do, however, propose to make a change...
I have now come to the end of what I may describe as my traditional taxation measures. Reflecting on our problems this year, however, I have come to the conclusion that while I must resist the...
I have explained that the main purpose of the Budget is to restrain current consumption. This the measures already announced will help to do. But it would be wrong to deal with the matter simply...
The limit on individual holdings of the current 12th Issue National Savings Certificate will be increased from £1,000 to £1,500 with effect from Friday. I also propose that limits on...
The terms of the British Savings Bond need to be improved. A new issue will, therefore, be available from 28th April carrying an interest rate of 7 per cent. instead of the 6 per cent. rate on...
The response to the changes which I made to Premium Bond prizes last year has been excellent, and I propose no further changes.
I come now to a new scheme for contractual savings. In working this out I have been greatly assisted by contributions from a number of bodies to which I am very grateful. In particular, I would...
I come now to my final proposal. The new savings scheme I have just described is designed to encourage people to save rather than spend some of the money that they have earned. But it is also...
Mr. Speaker, I have now completed my measures. The increase in revenue is considerable—about £340 million in a full year and £270 million in 1969–70. This should make the...
Resolved,That pursuant to Section 5 of the Provisional Collection of Taxes Act, 1968, provisional statutory effect shall be given to the tollowing Motions— (a) Spirits (Excise and Customs)...
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,...
Order for Second Reading read.
Resolved, That this House do now adjourn.—[Mr. Fitch.]
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.