§ Mr. Speedasked the Chancellor of the Exchequer on what relationship he bases his estimates of tax revenue and national income when estimating the revenue yield before Budget changes.
§ Mr. Harold LeverMy estimates are based on past experience of the relationship between the components of the revenue and National Income. The hon. Gentleman might like to refer to the article entitled "Short-Term Economic 415W Forecasting in the United Kingdom", published in Economic Trends for August, 1964, and the article on "The Short-term Effects of Tax Changes" contributed by economists in the Treasury to the November Issue of the National Institute's Economic Review.