§ 11. Mr. Speedasked the Chancellor of the Exchequer what estimate he has made of the current annual cost to the revenue of reducing direct and indirect taxation to the levels of those in existence at mid-September, 1964, including the abolition of new taxes introduced since that date.
§ Mr. DiamondNone, Sir.
§ Mr. SpeedIs it not a fact that the figure would be in excess of £2,000 million? Is the right hon. Gentleman aware that the Chancellor has only five months in which to implement the Prime Minister's television election pledge of 15th September, 1964, when he said that the Labour Government's policies could be carried out over the period of a Parliament without any general increase in taxation?
§ Mr. DiamondI cannot offer a comment on the figure as no attempt has been 218 made to estimate it, and it is an impossible task to estimate it with any good sense.