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 Patrick Jenkin Mr Patrick Jenkin , Wanstead and Woodford 12:00 am, 12th March 1973

I thought that the right hon. Gentleman was aware of that fact. That is what he said in the debate. So that the whole House should be aware of the same figures, what the right hon. Gentleman says that he was aware of is this: a single man with PAYE earnings of £10,000 a year this year has £6,141 left after meeting his tax liabilities during the course of this year, that is, tax that becomes due in this year. For each of the next three years, if he takes advantage of the maximum spreading, he will have not £6,141 but £6,093.

At £20,000 he is left with £9,378 this year. He will be left with almost exactly £1,000 less in each of the next three years. At £30,000 he is left with £11,842 having paid £18,158 in tax. For each of the next three years his tax bill will be £20,509.