§ I will deal first with the proposal made by my predecessor last December for a surcharge on surtax for 1972–73. The arrangements for imposing this surcharge were already in train when we came to power, and I propose to carry out my predecessor's intentions, with one exception. This is the exemption for the elderly. We see no justification for excusing the wealthy man from payment of the surcharge simply because he has stopped working, or indeed when he is still earning vast sums, because he is over 65. It will therefore apply on the lines announced by my predecessor, but to all taxpayers irrespective of their age.