Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 12th March 1973.

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Photo of Mr Denis Healey Mr Denis Healey , Leeds East 12:00 am, 12th March 1973

Is not the hon. Gentleman aware that the spreading of 1972–73 surtax over the next three years means that surtax payers will get an interest-free loan from the Inland Revenue which they pay off over the next three years in a steadily depreciating currency, when the ordinary wage earner has to pay his tax from week to week and from the moment that he is earning it, and if he overpays he is making an interest-free loan to the Exchequer?