§ Mr. Adley
asked the Chancellor of the Exchequer what were the gross earnings required for a worker to take home £2,500 net per annum in Ocober 1973; what would be the equivalent take-home pay to achieve the same real purchasing power today; and what would be the required gross earnings today to achieve the same real net income.
§ Mr. Robert Sheldon
A single person would have required gross annual earnings of £3,546 in October 1973 in order to take home £2,500 net after tax and national insurance contributions.
Taking into account the change in the Retail Price Index between October 1973 and September 1976, a take-home pay of £4,153 per annum would be required to achieve the same real purchasing power today. The equivalent gross annual earnings would be £6,512.