§ Mr. Pardoeasked the Chancellor of the Exchequer if he will estimate the net gain to public funds of limiting mortgage interest relief to the basic rate of tax assuming an upper limit of £25,000 on mortgages eligible for such relief.
PUBLIC SECTOR £ million Current Receipts Current Expenditure Current Surplus Year Budget estimate Out-turn Budget estimate Out-turn Budget estimate Out-turn 1966–67 … … 14,438 14,195 11,771 12,105 2,667 2,090 1967–68 … … 15,546 15,725 13,114 13,579 2,432 2,146 1968–69 … … 17,800 17,810 14,454 14,550 3,346 3,260 1969–70 … … 19,979 19,968 15,439 15,363 4,540 4,605 1970–71 … … 21,950 21,778 16,657 17,006 5,293 4,772 1971–72 … … 23,401 23,567 18,833 19,395 4,568 4,172 1972–73 … … 24,614 25,135 21,462 21,974 3,152 3,161 1973–74 … … 27,633 28,406 24,410 25,849 3,223 2,557
Differences 1966–67 … … -243 + 334 -577 1967–68 … … + 179 + 465 -286 1968–69 … … + 10 + 96 - 86 1969–70 … … - 11 - 76 + 65 1970–71 … … -172 + 349 -521 1971–72 … … + 166 + 562 -396 1972–73 … … + 521 + 512 + 9 1973–74 … … +773 + 1,439 -666