§ 32. Mr. Newton
asked the Chancellor of the Exchequer what estimate he has made of the cost to the revenue in 1977 of ensuring that the principal personal tax allowances have the same real value as in April 1976.
§ Mr. Denzil Davies
On the basis of the increase in the retail price index between April 1976 and January 1977 and at 1976–77 levels of income the estimated cost would be about £1,050 million.