HC Deb 09 June 1976 vol 912 c690W
Mr. Kilroy-Silk

asked the Chancellor of the Exchequer what would be: (a) the increase in the borrowing requirement and (b) the loss to the Exchequer if the starting point of investment income surcharge were set at £40 a week for retirement pensioners.

Mr. Robert Sheldon

The tax cost and the corresponding increase in the public sector borrowing requirement would be about £17 million in a full year; the cost in the first year would be negligible. These figures do not take account of the effect of the proposed change in the general level of economic activity.