§ 26. Mr. Trewasked the Chancellor of the Exchequer by how much the rates of VAT, income tax and corporation tax. respectively, would have to be increased to finance from the Exchequer the cost of increasing the married and single retirement pensions to £16 and £10 per week.
§ Mr. HigginsTo increase pensions to the figures quoted from the level the Government have already announced will be paid from next October, VAT on the basis of present coverage would have to be at a rate of more than 14 per cent. instead of 10 per cent., income tax at a basic rate of 33 per cent. instead of 30 per cent., and corporation tax at 60 per cent. instead of 40 per cent.