Charge and Basic Rate of Income Tax for I988–89

Part of Orders of the Day — Finance (No. 2) Bill – in the House of Commons at 4:45 pm on 3rd May 1988.

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Photo of Mr Rhodri Morgan Mr Rhodri Morgan , Cardiff West 4:45 pm, 3rd May 1988

Does the hon. Gentleman recall that between 1974 and 1979 the Western world was hit by the shock effect of the OPEC price rises of July 1973? All countries in de West suffered a massive transfer of income from consumer pockets and from the taxable capacity of those consumers to the OPEC countries. Does the hon. Gentleman recall that event?