§ 7. Mr. Hugh Jenkinsasked the Chancellor of the Exchequer in view of the fact that the richest 10 per cent, of the population own more than three-quarters of the total individual wealth, what legislative plans he has to provide for a fairer redistribution.
§ Mr. Roy JenkinsMy hon. Friend will be aware that I cannot anticipate fiscal legislation.
§ Mr. Hugh JenkinsIn spite of that, would not my right hon. Friend agree that, in principle, restraint by wage earners on the one hand and gross inequality of wealth on the other are incompatible with each other?
§ Mr. Roy JenkinsI think that, even in principle, I should not anticipate fiscal legislation.
§ Mr. CantWill my right hon. Friend avoid the habit, to which some Chancellors are prone, of introducing new taxes without due consideration? While agreeing with the principle of a wealth tax, may I ask him to accept that he should set up a working party to conduct a full investigation into this type of tax with a view to introducing it in 1970?
§ Mr. Roy JenkinsI will take note of what my hon. Friend suggests.
§ Mr. Patrick JenkinDoes not the Chancellor recognise that the greatest need now is to increase incentives to the acquisition of wealth rather than to add to the disincentives to its holding?
§ Mr. Roy JenkinsI will take note of all the advice I am given by all sides.