§ Mr. Rookerasked the Chancellor of the Exchequer what has been the level of the deficit or surplus on, respectively, visible trade, private sector invisibles, public sector invisibles and on capital account for each month since 1970.
§ Mr. Robert SheldonMonthly figures of the balance of visible trade are given in the following table. Estimates of invisible transactions and of most capital account transactions are not available on a monthly basis. Figures on a quarterly basis are published in the regular quarterly balance of payments articles inEconomic Trends, the latest figures appearing in the edition for December 1977, a copy of which is available in the Library.
the start of the phasing out of child tax allowances for a wage earner earning £70 per week gross with a dependent wife and two children under 11 years of age.
§ Mr. Robert SheldonOn the basis of the changes in child tax allowances already announced the take-home pay after 6th April 1978 would be reduced by £1.61, if the rates of income tax and the other tax allowances were to remain at their present level. The net family income taking into account the increase in child benefit, would be increased by 49p.
In allowing for the increase in national insurance contributions in April 1978, it has been assumed that the wage earner is not contracted out of the new earnings related pension scheme.