§ 60. Mr. Meacherasked the Chancellor of the Exchequer how much revenue accrued last year from national insurance contributions; how much would be raised if the present national insurance contributions were replaced by a 6¾ per cent. social security levy on all earned income between £18 to £48 per week; and how much would be raised if the present contribution system were replaced by a levy of 7 per cent. on all earned income up to £2,000 a year, plus 12 per cent. on earned income of £2,000 to £5,000 a year and 20 per cent. on all earned income above £5,000.
§ Mr. NottIn 1971–72 employers' and employees' national insurance contributions amounted to £2,537 million. A levy of 6¾ per cent. on all earned income between £18 and £48 a week would yield about £1,100 million. The levies in the last part of the Question would yield about £3,000 million a year.