Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 20th April 1970.

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As Chancellor, it will be my responsibility to carry out all our promises—and this is a very heavy responsibility. We are, as you know, committed to sweeping reductions in income tax and surtax, to abolishing S.E.T., to the provision of incentives to industry and to doing something about capital gains tax, to mention but a few of our more obvious and recent undertakings. I reckon this will cost the Exchequer something between £1,000 million and £2,000 million a year. It is just as well that the Exchequer is in pretty good shape. But I think you will agree with me that, now that Labour has got the economy right once more, there is no need for a Labour Government any longer.