§ 84. Major Beamishasked the Chancellor of the Exchequer to give an approximate estimate of the amount of revenue that the taxpayers would have paid in this financial year had taxes remained at the level they were at the time of the 1950 General Election; and approximately how much less he expects to collect this year in view of the tax reductions made since 1950.
§ Mr. PowellA detailed calculation could not be made without an undue expenditure of time and labour, but at a rough estimate the yield of taxes, both direct and indirect, in the current financial year would have been about £600–£700 million greater if the rates and allowances in force in February, 1950, had remained unchanged.