Tax Revenue

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 21st April 1970.

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Mr. Edward M. Taylor:

asked the Chancellor of the Exchequer what estimate he has made of the total tax revenue in the year 1970–71; and what was the actual tax revenue in the year 1963–64.

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

Actual total tax revenue in 1963–64 was £6,649 million. The comparable estimated figure for 1970–71 at constant prices is £10,379 million. The estimated total revenue for 1970–71 at current prices is £15,582 million.

Mr. Taylor:

Does the Chancellor realise that these figures demonstrate that for every £1 raised in taxation in 1963–64 we are now raising well over £2 in taxation? Does this not demonstrate the cost of Socialism to the country'?

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I should like to help the hon. Gentleman as much as I can with his figures. The rise in the burden of taxation, that is, in the proportion the rise in taxation bears to the rise in gross domestic product, is 4 per cent. per annum. The increase in taxation is devoted largely to increases in social services and to assistance to employment and industry. I am sure that the hon. Gentleman would like to know that the increase in money raised by taxation and devoted to employment in industry in the development areas was 980 per cent., Does he, as the hon. Member for Glasgow, Cathcart, wish me to reduce that expenditure?