§ Mr. Loveridgeasked the Chancellor of the Exchequer what steps he is taking to reduce the United Kingdom maximum marginal income tax rates nearer to those of France and Germany, in view of the increase announced from 88.75 per cent. for 1972–73 to 90 per cent. for 1973–74 for top taxation rates in the United Kingdom.
§ Mr. NottAlthough the maximum combined rate of unified tax appears high, I would remind my hon. Friend that nobody will be worse off than at present except at some very large incomes. For example a single man with only investment income will not be worse off unless that income exceeds £150,000. In general direct taxation has been substantially reduced since 1970.