§ 45. Mr. Hugh Jenkinsasked the Chancellor of the Exchequer what percentage of the people of Great Britain own less than £1,000 and what percentage own more than £1 million; and if he will consider fiscal action to benefit the former at the expense of the latter.
§ Mr. NottIt is estimated that in 1970, to which the latest available figures relate, about 70 per cent, of the population aged 15 or over owned less than £1,000, and about one five-hundredth of 1 per cent, more than £1 million.
As for fiscal action, I have noted the hon. Member's suggestion, but the tax system is, of course, already highly progressive.