§ 37. Mr. THURTLEasked the Chancellor of the Exchequer if he is in a position to state the amount of additional revenue which would be derived from the imposition of an addition of 25 per cent. on the existing Super-tax?
§ Mr. CHURCHILLThe annual produce of the Super-tax is about £60,000,000. It might, therefore, be thought that a 25 per cent. increase would amount in a full year to about £15,000,000. However, it does not follow that such an amount would in fact be received. The reactions 2492 of such an increase upon the incentive to save, or to reinvest in enterprise, or upon the division of fortunes or upon the difficulties of collection cannot be estimated.
§ Mr. W. THORNEIs it not a fact that if there was no incentive to save and they spent the money wisely, it would be better for the population?
§ Mr. CHURCHILLMy hon. Friend should ask the right hon. Member for Colne Valley (Mr. Snowden) to reply to him adequately on the importance of saving.