£ Sterling (Value)

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 17 January 1974.

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Photo of Mr John Nott Mr John Nott , St Ives 12:00, 17 January 1974

I am sure that if the Labour Party were ever to fight an election on the basis of the right hon. Gentleman's taxation policies it could never win one again. If the Labour Party were to take away every penny earned by everyone earning more than £5,000 a year, that amount would be enough to provide one extra packet of cigarettes for each worker. The idea that the Labour Party could finance its programme without massive additional taxation from the ordinary people is absolutely absurd.