HC Deb 27 June 1996 vol 280 cc232-3W
22. Mr. Hain

To ask the Chancellor of the Exchequer what assessment he has made of the economic impacts of current levels of taxation. [33428]

Mr. Jack

The Government have sharpened work incentives for individuals by cutting the basic rate of income tax from 33 to 24 per cent., the lowest rate for 50 years. Likewise, by cutting corporation tax rates, from 42 per cent. to 24 per cent. for small business and from 52 per cent. to 33 per cent. for other businesses, we have created the conditions under which wealth can grow. GDP has risen by 35 per cent. in real terms since 1979.

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