Wealth Tax

HC Deb 03 November 1970 vol 805 cc824-5

2. Mr. Marquand

asked the Chancellor of the Exchequer whether he will appoint a departmental committee to examine the possibility of introducing a wealth tax.

Mr. Patrick Jenkin

No, Sir.

Mr. Marquand

Is the hon. Member aware that his own figures to me in a Parliamentary answer last week show that the wealthiest 10 per cent. of the country own 75 per cent. of the privately-owned wealth and the poorest 50 per cent. own none? Is this what the Tory Party means by "one nation"?

Mr. Jenkin

It is the philosophy of the Tory Party that people should be encouraged to acquire wealth, and for that reason we have cut the rates of taxation.