Effects of indirect tax increases

– in the House of Commons at 12:00 am on 29 March 1977.

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Thus, the only increases which I propose in indirect taxes are those justified by considerations of health, of energy or transport policy. These increases will produce extra revenue, including VAT, of about £810 million in a full year. The effect on the RPI by the fourth quarter of this year will be an increase of just under 1 per cent.