§ Mr. Knoxasked the Chancellor of the Exchequer what increases in money terms would be needed to maintain the real value of the single person's and married allowances, maximum wife's earned income relief, and child allowances at the levels set in the Budget on 28th March 1974; and what such increases would cost in revenue terms.
§ Mr. Robert SheldonOn the basis of the increase in the retail price index between March 1974 and February 1975, the latest available figure, the figures are as follows:
Allowance Increase required Cost* £ £m. Single 118 290 Maximum wife's earned income relief 118 150 Married 163 640 Child: Not over 11 45 225† 11 to not over 16 52 225† Over 16 57 225† * The figures take into account the age allowance for 1975–76 announced last November and are on a pre-Budget basis. † Additional cost after giving the increases shown in the single and married allowances.