§ 44. Mr. Warbey
asked the Chancellor of the Exchequer whether, in order to overcome the current dangers of inflation, he will take early steps to increase taxation on distributed profits and to impose a tax on realised capital gains.
§ Mr. H. Brooke
The hon. Member will not expect me to anticipate my right hon. Friend's Budget statement.
§ Mr. Warbey
Yes, but is the hon. Gentleman aware that the Chancellor has already anticipated his Budget statement by the action he took a fortnight ago? Was not the main purpose of using the clumsy and inequitable weapon of a rise in the Bank Rate to enable him still to introduce a soft Budget for election purposes? Will not the hon. Gentleman advise his right hon. Friend to see that the burden of reducing consumption is put where it ought to belong?
§ Mr. Brooke
I cannot say anything about the Budget that is coming. I thought the hon. Member would be aware of the distinction between a Budget statement and the raising of the Bank Rate.