Inflation (Hansard, 22 May 1975)

§ Mr. Churchill

asked the Chancellor of the Exchequer what is the current rate of inflation based on the same basis as his computation of 8.4 per cent. in October 1974.

Year	Standard or basic rate threshold for earned income as percentage of average earnings^*†	Standard or basic rate†	Effective standard rate on earned income‡
(1)	(2)	(3)	(4)
					Per cent.	Per cent.	Per cent.
1945–46	…	…	…	…	142.9	50.0	45.0
1946–47	…	…	…	…	148.4	45.0	39.37
1947–48	…	…	…	…	154.7	45.0	37.5
1948–49	…	…	…	…	193.0	45.0	36.0
1949–50	…	…	…	…	187.3	45.0	36.0
1950–51	…	…	…	…	177.7	45.0	36.0
1951–52	…	…	…	…	169.7	47.5	38.0
1952–53	…	…	…	…	218.1	47.5	36.94
1953–54	…	…	…	…	205.7	45.0	35.0
1954–55	…	…	…	…	190.6	45.0	35.0
1955–56	…	…	…	…	179.3	42.5	33.06
1956–57	…	…	…	…	168.2	42.5	33.06
1957–58	…	…	…	…	159.2	42.5	33.06
1958–59	…	…	…	…	156.2	42.5	33.06
1959–60	…	…	…	…	148.0	38.75	30.14
1960–61	…	…	…	…	137.8	38.75	30.14
1961–62	…	…	…	…	131.8	38.75	30.14
1962–63	…	…	…	…	127.5	38.75	30.14
1963–64	…	…	…	…	128.7	38.75	30.14
1964–65	…	…	…	…	119.0	38.75	30.14
1965–66	…	…	…	…	109.8	41.25	32.08
1966–67	…	…	…	…	106.0	41.25	32.08
1967–68	…	…	…	…	100.7	41.25	32.08
1968–69	…	…	…	…	89.6	41.25	32.08
1969–70	…	…	…	…	82.0	41.25	32.08
1970–71	…	…	…	…	57.6	41.25	32.08
1971–72	…	…	…	…	58.6	38.75	30.14
1972–73	…	…	…	…	59.9	(38.75	30.14)
1973–74	…	…	…	…	52.4	30.0
1974–75	…	…	…	…	51.1	33.0
1975–76	…	…	…	…	49.3	35.0
^* The earnings figures used in the calculations are annual equivalents of the average weekly earnings of full-time adult male manual workers in manufacturing and certain other industries at October each year, except for the year 1945–46 when the figures related to July 1945. An estimated figure of £54 per week at March 1975 has been used for 1975–76.
† Standard rate for the years 1945–46 to 1972–73, and basic rate for the years 1973–74 to 1975–76.
‡ Rate at which earned income charged assuming the full rate of earned income relief for the years 1945–46 to 1972–73, and ignoring any liability above the standard or basic rate.

566W