§ 39. Mr. Leadbitterasked the Chancellor of the Exchequer what estimate he has made of the effect on the public revenue of reducing all direct rates of taxation by 3d. and 6d., respectively.
§ Mr. MacDermotThe cost for a full year of reducing all the rates of Income Tax by 3d. would be £134 million and by 6d. £267 million.
§ Mr. LeadbitterIs my hon. and learned Friend aware of the speech made by the Leader of the Opposition some few days ago indicating a reduction of direct tax rates across the board, the policy statement by the right hon. Gentleman to get rid of S.E.T., and the statement made in the House this afternoon suggesting that we get rid of all forms to collect Income Tax, and does he not consider that the Opposition at the moment are getting themselves into an impossible position, least of all achieving any success in politics?
§ Mr. MacDermotYes. We debated these matters fully in the Finance Bill, when the hollowness of the Opposition's proposals was exposed.