Mr Jack Diamond: Yes, they do appear in Table 15.
Mr Jack Diamond: In terms of the net capital stock of physical assets at current replacement cost plus the book value of stocks and work in progress held by the company sector at the end of the preceding calendar year, the figures are 12½ per cent. for the first half of 1969–70 and 12¾ per cent. for the corresponding period of the preceding financial year.
Mr Jack Diamond: I would not necessarily accept the first part of what the hon. Member has said, but I will be only too glad to convey to any of my hon. Friends any message from any hon. Member.
Mr Jack Diamond: I have already indicated the average level of the return on capital employed in the definition I have given. This, of course, is a very crude method of attempting to give the answer, but it is the best information one has.
Mr Jack Diamond: There is no such failure.
Mr Jack Diamond: I take account of what my hon. Friend has said.
Mr Jack Diamond: I have nothing to add to what I told the hon. Gentleman on 25th November.—[Vol. 792, c. 45.]
Mr Jack Diamond: All Treasury Ministers are wholly consistent. There is no inconsistency in what my right hon. Friend said and no inconsistency in the supplementary answer I now give, which is to refer the hon. Member to the very full statement made on this point by my right hon. Friends the Prime Minister and the Foreign Secretary.
Mr Jack Diamond: I am bound to give my hon. Friend a serious answer and to draw his attention to the fact that questions relating to the effect of a tax depend on the rate and coverage of the tax.
Mr Jack Diamond: The revenue from taxation in the calendar year 1964 was £7,110 million. The comparable figure for 1969 at constant prices is estimated at £10,590 million; and at current prices at £12,551 million. If account is also taken of the rise in average earnings the comparison shows an increase of 28·7 per cent. over the five years, or 5·2 per cent. per annum compound.
Mr Jack Diamond: I am aware that the general economic policy followed by my right hon. Friend has resulted in an increase in the standard of living of the very people to whom the hon. Gentleman referred.
Mr Jack Diamond: The Government have to collect taxes partly as a method of demand management and partly, as my right hon. Friend says, to provide the services which on all sides we are continually asked to provide and increase.
Mr Jack Diamond: I want to be as helpful as I can. I did not follow the right hon. Gentleman's question. He specifically referred to tax rates alone—rates, as opposed to the amounts on which the rates are imposed?
Mr Jack Diamond: In that case, I will have to ask the right hon. Gentleman to be good enough to allow me to obtain the information and give it to him.
Mr Jack Diamond: The short answer to the hon. and gallant Gentleman is that no such statement was made at the last General Election—certainly not by myself, nor by any of my colleagues that I am aware of.
Mr Jack Diamond: Schemes of this kind are kept under review by the Departments concerned.
Mr Jack Diamond: Of course we want an efficient system, and schemes of this kind are kept under review. I will consider, if the hon. Baronet thinks it would be helpful, whether some kind of report could be made.
Mr Jack Diamond: Information on which to base an estimate is not available; it would depend, among other things, on what alternative arrangements were made to replace tax allowances.
Mr Jack Diamond: No, I cannot agree. I have heard figures quoted. One figure I have heard quoted—I think by the hon. Gentleman himself—was between £25 million and £50 million. It seems to have risen since the last occasion.
Mr Jack Diamond: Estimates for 1969 of British investment overseas and investment in the United Kingdom from overseas are not yet available. Provisional estimates for the first three quarters of the year were published in Economic Trends for December, 1969.