§ Mr. John Leeasked the Chancellor of the Exchequer what percentage of the total of privately-owned wealth in Great Britain is at present owned by the wealthiest 1 per cent. of the population, and what was the equivalent figure for the financial years 1950–51 and 1963–64; what steps he is taking to effect a further redistribution of private wealth; and if he will make a statement.
§ Mr. TaverneIn 1967, the latest year for which an estimate has been made, the wealthiest 1 per cent. of the population aged 15 and over owned 33 per ceint. of the estimated total wealth owned by individuals and, in 1963, 37 per cent. These figures, however, a re not directly comparable because the coverage of the estimates of total wealth varies with the coverage of the statistics of estates passing on death upon which the estimates are based. Since the coverage of the smallest estates was greater in 1963 than in 1967, the figure given for 1967 slightly overstates the percentage owned by the wealthiest 1 per cent. when, compared with the 1963 figure. No comparable figure is available for 1950–51. I am afraid that I cannot make any statement on the possibility of measures for the purpose my hon. Friend mentions.