§ Mr. Jayasked the Chancellor of the Exchequer whether he will make a statement about the proposed wealth tax, following publication of the Report of the Select Committee on the Wealth Tax.
§ Mr. HealeyI welcome the work which the Select Committee has done under the chairmanship of my right hon. Friend the Member for Battersea, North (Mr. Jay) and I shall study carefully the evidence which they took and the conclusions which were drawn from it. The Committee took a good deal longer over their work than the Government had hoped. In consequence of the delay, and706W of the many major issues involved, I do not feel able to introduce a wealth tax this Session. I have, however, instructed the Inland Revenue to continue with its preparatory work, and I shall consider publishing in 1976 draft clauses for public discussion.