HC Deb 13 December 1976 vol 922 cc550-1W
Mr. Higgins

asked the Chancellor of the Exchequer if he will list all the various drawing rights and credit facilities currently available to the United Kingdom from the IMF, the extent to which each has so far been utilised and the new limits which would apply following ratification of the Second Amendment to the Articles of Agreement of the IMF and the Sixth General Review of Quotas.

Mr. Robert Sheldon

The following is the information requested.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Sedgemore

asked the Chancellor of the Exchequer, what would be the expected loss in revenue in the current financial year if the top rate of income tax were reduced to 50 per cent.

Mr. Robert Sheldon

, pursuant to his reply [Official Report, 10th December 1976], gave the following information:

Assuming that the restriction to 50 per cent. includes the investment income surcharge and the investment income is treated as the top slice of a mixed income, the estimated loss for 1976–77 is about £630 million.