HC Deb 30 June 1955 vol 543 c477
5. Mr. Osborne

asked the Chancellor of the Exchequer how many people have an income of over £2,000 per annum after paying Income Tax and Surtax; their combined annual net income above that figure; and how much per person per week this amount represents when spread over the remaining 23,852,000 total working population.

Mr. H. Brooke

It is provisionally estimated that in 1955–56 about 155,000 people will have net incomes of £2,000 or more after deduction of Income Tax and Surtax, and that their aggregate net incomes in excess of £2,000 will be about £110 million. This amount, if spread over the remainder of the total working population, is equivalent to about ls. 9d. per head per week.

Mr. Osborne

So that there is not a great deal more that can be done by redistribution of the national income to increase the standard of the people of the country. Does not that confirm the statement made by Sir Stafford Cripps when he was Chancellor of the Exchequer?

Mr. Brooke

On the basis of the assumption that my hon. Friend has asked me to make, it is clear that there is not much available if spread over the whole of the population.

Mr. Jay

Can the Financial Secretary say how much of the £5,000 million of capital profits made in the last eighteen months would be available to each individual if it was equally spread?

Mr. Brooke

That is a long way from the Question on the Paper.