§ To put the change in the system of indirect taxation into perspective, the phased changeover from purchase tax and SET to VAT will mean that, compared with the rates of purchase tax and SET in existence when the changeover was announced, the yield of VAT on a full year basis will be about £900 million less than it would otherwise have been.
§ Whatever may be the views of individual right hon. and hon. Members about the change in the system of indirect taxation, I am sure that the whole House will join me in paying tribute to Her Majesty's Customs and Excise and to my hon. Friend the Financial Secretary, who has borne the brunt of the detailed work.