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Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 9:31 pm on 6th July 1983.

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Photo of Robin Cook Robin Cook , Livingston 9:31 pm, 6th July 1983

The Financial Secretary has sought to defend what the Government are doing by reference to the threshold and the higher rate bands introduced by the Labour Government. He will appreciate—I am sure that he would not seek to mislead the House—that if we are to debate where the threshold should be, it is necessary to bear in mind what has happened to rates. The Financial Secretary knows that even those earning up to 10 times national average earnings and who were formerly paying two thirds of their income in tax are now paying barely half their income in taxes because of the way in which he has cut the rates. Having cut the rates, it is entirely right that the threshold be brought down below the levels which existed when the rates were lower.