HC Deb 30 March 1995 vol 257 cc720-1W
25. Mr. Brandreth

To ask the Chancellor of the Exchequer what assessment he had made of the effect on the economy of reductions in the levels of direct taxation since 1979; and if he will make a statement. [15301]

Sir George Young

Since 1979, we have reduced the standard rate of income tax from 33p in the pound to 25p in the pound, and a lower rate of 2p in the pound now covers over 5 million people. We have also reduced the main corporation tax rate, from 52 per cent. to 33 per cent. These changes have improved incentives and helped the supply side.