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 John Nott Mr John Nott , St Ives 12:00 am, 12th March 1973

The hon. Gentleman is indulging in so many inaccuracies that I cannot correct them all. The relevant passage of my right hon. Friend's Budget Statement was the following: Since we came to office … taxation has been cut from 35 per cent. to 30 per cent."—[OFFICIAL REPORT, 6th March 1973; Vol. 852. c. 240.] The major cuts in taxation have been on direct taxation.