§ Mr. Tebbitasked the Chancellor of the Exchequer if, pursuant to his reply to the hon. Member for Ormskirk (Mr. Kilroy-Silk) [Vol. 903, c. 440] on 20th January 1976, he will state in what manner proposals for renationalisation of industries restored to the private sector would increase (a) public expenditure and (b) the borrowing requirement.
§ Mr. Joel BarnettIf assets hived off and sold to private enterprise were to be reacquired by the public sector, this452W per cent. rate of VAT excluding that arising from its application to petrol, etc.
§ Mr. Robert SheldonIt was estimated at the time of last year's Finance (No. 2) Bill that the additional revenue from raising the rate of VAT to 25 per cent. on items in Groups 1–7 of the Higher Rate Schedule would be £140 million in 1975–76 and £235 million in a full year.