§ 49. Mr. Wingfield Digbyasked the Chancellor of the Exchequer what increase in taxation for 1967–68 would be commensurate on the basis of the increase of the gross national product achieved during the last year.
§ Mr. CallaghanThe gross national product, in real terms, was some 1–1½ per cent. higher in the first nine months of 1966 than in the corresponding period of 1965. The movement of national output is only one of many factors that need to be taken into account in deciding the level of taxation.
§ Mr. J. H. Osbornasked the Chancellor of the Exchequer what was the gross national product during 1966; what percentage of the total was generated from the public sector and the nationalised industries; and what change there has been compared with the previous year.
§ Mr. DiamondThe gross national product for the first nine months of 1966, the latest period available, was about 24,000 million. The percentage generated by the public sector and the nationalised industries cannot be given as the necessary information is prepared on an annual basis.