HC Deb 24 November 1983 vol 49 c451
17. Sir Anthony Meyer

asked the Chancellor of the Exchequer what is the cost to the Exchequer of (a) a reduction of 1p in the standard rate of income tax, and (b) an increase of all income tax and allowance thresholds by £100.

Mr. Hayhoe

About £1,025 million and £775 million respectively in a full year at 1984–85 income levels. In line with table 4.5 of "Autumn Statement 1983", these estimates assume indexation of income tax allowances and thresholds by 5 per cent.

Sir Anthony Meyer

Does my hon. Friend accept that it is now clear that there is an overwhelming volume of support on both sides of the House for concentrating any further relief on those at the bottom end of the scale? Whereas nobody would want to go back to the lunacy of the confiscation of very high incomes, does he agree that priority must now be given to those at the lower end of the scale?

Mr. Hayhoe

I am grateful to my hon. Friend. That message has come through clear and loud this afternoon.