HC Deb 25 June 1974 vol 875 cc444A-a W
Mr. David Price

asked the Chancellor of the Exchequer what increase would have to be made in the standard rate of value added tax in order to raise £586 million extra revenue in the year 1974–75.

Dr. Gilbert

Assuming a current operative date, the standard rate would have to be increased to about 16 per cent.