§ Mr. Freudasked the Chancellor of the Exchequer what would be the cost to the Treasury if income tax started at incomes of two thirds of average industrial earnings.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 4th May 1976; Vol. 910, c. 313], gave the following information:
To increase the single and married personal allowances, the wife's earned income 416W allowance and the age allowances to two-thirds of average earnings at February 1976 would cost about £10,000 million.