Clause 1. — ;(Charge of Income Tax for 1955–56 and Surtax Rates for 1954–55.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 27th April 1955.

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Photo of Mr Hugh Gaitskell Mr Hugh Gaitskell , Leeds South 12:00 am, 27th April 1955

Once again the hon. Gentleman is drawing a conclusion from what I said which is not justified. We appreciate that there must be some return on capital, but we believe that in the last few years the relative share which shareholders have received has been too great in relation to what other people have had, and we think that this Budget is the crowning example of that.

Of course, like everything else, it is a matter of degree, but we feel that it has gone much too far, and although we shall not vote against this Clause, because it would be open to misunderstanding, we shall, I hope, put forward our point of view on subsequent Amendments. Nevertheless, we register our strong disagreement with the line that the Chancellor has taken in this Budget.