§ Mrs. Sally Oppenheimasked the Chancellor of the Exchequer what is the estimated net cost in a full year under the tax-credit scheme of payments in respect of the first child, taking £1 as the level of the allowance.
§ Dr. Gilbert,pursuant to his reply [OFFICIAL REPORT, 8th April 1974; Vol. 872, c. 73], gave the following information:
If under the tax credit scheme proposed in the Green Paper published by the previous administration the credit for the first child was taken as £1 per week instead of £2, at the same prices and on the same assumptions as were used in the Green Paper, the cost of the scheme would be reduced by about £400 million —that is from £1,300 million to £900 million.