Inflation (Hansard, 15 October 1976)

§ Mr. Macfarlane
asked the Chancellor of the Exchequer when the annual rate of inflation last stood at 8.4 per cent.

§ Mr. Robert Sheldon
The last time the year-on-year increase in the Retail Price Index was under 8.5 per cent. was over the 12 months to March 1973, when the figure was 8.2 per cent.
243W

§ Mr. Gow
asked the Chancellor of the Exchequer by how much the basic rate of income tax would have to be increased in order to raise in additional taxation (a) the amount of interest on Government debt during the current year and (b) the sum of £11,500,000, being the estimated PSBR for the current year.

§ Mr. Joel Barnett
(a) Taking the cost to the Consolidated Fund of servicing interest on the National Debt as £1.77 billion as given in the Financial Statement and Budget Report 1976, the required increase in the current year's income tax rate would be about 4p.

1970.71 7976.77

Net Weekly earnings^* Average rate or rebate Percentage Net Weekly earnings^* Average rate of rebate Percentage

£ £ £ £

Single person 19.12 2.60 13.6 43.78 4.95 11.3

Married couple 20.23 3.70 18.3 46.14 7.35 15.9

Married couple with—one child not over 11 21.14 4.65 22.0 48.19 9.35 19.4

two children not over 11 21.44 4.90 22.9 49.86 10.50 21.1

three children not over 11 21.69 5.15 23.7 50.48 11.65 23.1

four children (two not over 11, two over 11 but not over 16) 22.35 5.85 26.2 52.10 13.25 25.4

^* Net weekly earnings are gross weekly earnings less tax and national insurance contributions. Family allowances are not included, although the tax on family allowance, and clawback, has been taken into account in the calculations where appropriate.

For 1970–71 gross weekly earnings are the New Earnings Survey estimates of the average earnings of full-time male manual workers aged 21 and over in April 1970. For 1976–77 the 1975 NES figures have been updated to April 1976 by the monthly index of average earnings.

	1970.71	7976.77
	Net Weekly earnings^*	Average rate or rebate	Percentage	Net Weekly earnings^*	Average rate of rebate	Percentage
	£	£		£	£
Single person	19.12	2.60	13.6	43.78	4.95	11.3
Married couple	20.23	3.70	18.3	46.14	7.35	15.9
Married couple with—one child not over 11	21.14	4.65	22.0	48.19	9.35	19.4
two children not over 11	21.44	4.90	22.9	49.86	10.50	21.1
three children not over 11	21.69	5.15	23.7	50.48	11.65	23.1
four children (two not over 11, two over 11 but not over 16)	22.35	5.85	26.2	52.10	13.25	25.4
^* Net weekly earnings are gross weekly earnings less tax and national insurance contributions. Family allowances are not included, although the tax on family allowance, and clawback, has been taken into account in the calculations where appropriate.