HC Deb 15 April 1970 vol 799 c250W
57. Sir T. Beamish

asked the Chancellor of the Exchequer by how much he estimates he has reduced the overall amount of taxation in this financial year; and by how much this falls short of the amount necessary to reduce the sum taken to that taken in 1964–65 at constant prices.

Mr. Taverne

As my right hon. Friend stated in his Budget speech, the effect on the revenue of those fiscal measures he has introduced which take effect this year is to reduce receipts by £220 million in a full year. The effect on receipts in 1970–71 is £179 million. Taxation would have to be reduced by another £3,064 million, on a comparable basis, to return to the 1964–65 level, but he does not propose to return this country to the state of economic crisis in which it was left by the previous Government.