Treasury written question – answered at on 25 June 2007.
Mark Hoban
Shadow Minister (Treasury)
To ask the Chancellor of the exchequer what estimate he has made of the likely net effect on annual Treasury revenues of a four pence reduction in the basic rate of income tax.
Dawn Primarolo
Paymaster General (HM Treasury)
The Exchequer effect of a 4p reduction in the basic rate of income tax can be derived from table 1.6 'Direct effects of illustrative tax changes' on the HM Revenue and Customs website at
http://www.hmrc.gov.uk/stats/tax_expenditures/table 1-6.pdf.
Yes3 people think so
No0 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
