21. Mr. Edward M. Taylorasked the Chancellor of the Exchequer what is the total tax revenue which he estimates will be raised in 1969–70; what was the actual tax revenue raised in 1963–64; and by what percentage the former figure exceeds the latter.
§ Mr. DiamondAfter making the appropriate adjustment for S.E.T. refunds, corporation tax overspill relief 223 and the change to investment grants, £12,645 million in 1969–70 and £6,649 million in 1963–64. Before taking into account the substantial increase in incomes, the first figure exceeds the second by roughly 90 per cent., but after making such allowances it is under 30 per cent., or about 4 per cent. per annum on average.
Mr. TaylorAre not these shameful figures? Does the Minister think that we shall ever solve the country's economic problems so long as enterprise and initiative have to bear such a heavy burden of taxation?
§ Mr. DiamondI do not accept that there is an excessive burden of taxation placed on enterprise, and I am unable to imagine how we can solve our problems if we take no account of those who are in need, for example, of the social services.
§ Mr. MaclennanDoes my right hon. Friend realise that the hon. Member for Glasgow, Cathcart (Mr. Edward M. Taylor) is constantly expressing the view that the Government should increase public expenditure in the Upper Clyde Shipyard, which can be done only by taxation?
§ Mr. DiamondYes, I recognise that. It would be unfair to pick out one aspect. The hon. Gentleman and his hon. Friends continually ask for increases in public expenditure of one kind or the other.