HC Deb 01 May 1975 vol 891 cc716-7
15. Mr. Michael Marshall

asked the Chancellor of the Exchequer what representations he has received in the last 12 months from retired persons regarding their decline in net disposable income.

Mr. Robert Sheldon

My right hon. Friend has received a number of representations from retired persons concerning budgetary matters in general I myself received a deputation from the National Federation of Old-Age Pensions Associations.

Mr. Marshall

Is the hon. Gentleman aware that there are literally millions of people whose main net worth is tied up in their homes and who are in a very poor liquid cash situation? In these circumstances, which will be reflected in the lives of many hon. Members on both sides of the House at some future date, will the Minister think again about the whole question of the investment income surcharge?

Mr. Sheldon

The hon. Gentleman will know from the statement made by my right hon. Friend the Chancellor of the Exchequer that the problem of inflation affects every person in this country. Our main energy must be in that particular direction.

Concerning old-age pensioners in general, the point made to me during conversations that I had with them was that they very much appreciated the uprating of the pension—the largest ever—and the continuing commitment to uprate later this year.