§ Mr. Coombs
asked the Chancellor of the Exchequer by how much standard rate of income tax would have to be raised to pay for the cost of nationalisation of the top 25 United Kingdom companies, ranked by market capitalisations, and of renationalisation of hived-off firms.
§ Mr. Higgins
The current market valuation of these companies is about 407W £15,400 million. The tax implications would depend on the method of financing any such measures. But, as my hon. Friend will appreciate, to raise the cost directly by income tax would not be possible since £15,400 million is more than the extra yield of a 100 per cent. standard rate would be.