§ Mr. Michael Spicerasked the Chancellor of the Exchequer what additional revenue could be expected from fiscal drag in each tax year from 1980–81 to 1987–88, assuming a growth rate of 1 per cent. per annum for the first four years and 2 per cent. per annum for the following four years, and also assuming the continuation of existing tax rates combined with the raising of personal income tax allowances by 10 per cent. each year.
§ Mr. Peter ReesI shall let my hon. Friend have a reply as soon as possible.