Income Tax

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 5th July 1973.

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Photo of Mr John Nott Mr John Nott , St Ives 12:00 am, 5th July 1973

It is not palpable nonsense for the British taxpayer. If the rates had stayed the same as they were when we came to office people would be paying £4,000 million a year more in taxation than they are, so the rates are highly relevant. On the first part of the question, taking into account all the charges referred to by the hon. Member, adjusting for inflation and making all the other adjustments that he would wish, since June 1970 the real net income of the family with two children on about half the average industrial earnings has increased by 4·5 per cent. a year compared with 2·5 per cent. a year under the previous Labour Government.