§ Mr. Dalyell
asked the Chancellor of the Exchequer what estimate he has made of the reduction in the cost of food as a direct result of the lowering of the costs 69W of distribution through reductions in selective employment tax.
§ Mr. Nott
It is estimated that the halving of SET in July, 1971, reduced the incidence of SET on food by about £25 million. Some price reductions were made immediately upon the announcement of 30th March, 1971, of the halving of SET and others followed when the cuts became effective on 5th July, 1971.