asked the Chancellor of the Exchequer what was the increase in the total annual yield of taxation between 1964 and 1970; and what is his latest estimate of the reductions in the annual yield as a consequence of the measures introduced since June, 1970.
In the years from 1964–65 to 1969–70 total tax revenue increased by over £5.000 million, or over £3,000 million at 1964–65 prices. The reductions in taxation introduced since June, 1970, amount to about £1,400 million a year.
Do not these figures show that the reductions in taxation achieved by the present Government have been the highest in Britain's history, and would my hon. Friend agree that they will stimulate economic activity in Britain?
While I cannot claim to have pursued the historical researches which my hon. Friend has suggested I can certainly confirm that already there is evidence of a strong movement towards expansion.
But bearing in mind the charges which were imposed at the same time, would the hon. Gentleman care to give an estimate of the effect of these charges upon the £30-a-week man and under, in comparison with the man earning £3,000 and more?