§ 7. Mr. George Rodgersasked the Chancellor of the Exchequer what representations he has received to date in relation to the introduction of a tax on wealth.
§ Mr. Joel BarnettSince the Green Paper setting out our proposals for a wealth tax was published in August 1974, I have received a number of representations about various aspects of the tax.
§ Mr. RodgersMy right hon. Friend is no doubt aware of the representations contained in the Labour Party manifesto. Does he agree that the distribution of wealth in this country is very much out of balance and that the possession of wealth is not related to either merit or justice? Will he introduce a wealth tax as an urgent priority to meet this situation?
§ Mr. BarnettYes, I am happy to assure my hon. Friend that the Government remain firmly committed to the principle of a wealth tax.
§ Mr. Peter BottomleyDoes the right hon. Gentleman recognise that, although we do not have a formal wealth tax, the rate of inflation is an informal one? If when the present Government came into office a working person had retired with savings of £1,000 invested in a building society, what would be the real value of those savings now? If the hon. Gentleman does not have the figures to hand, will he arrange to make the calculation and publish the figure?
§ Mr. BarnettIf the hon. Gentleman cares to put down such a Question, I shall be happy to do just that.