§ Mr. Newtonasked the Chancellor of the Exchequer whether he will publish a table showing in each year since 1972 the weekly income tax and national insurance deductions of a married couple with two children under 11 years with the husband receiving half average weekly earnings, taking into account the introduction of child benefit in April 1977.
§ Mr. Robert SheldonThe figures are as follows:
£ per week Year Earnings Income Tax NIC 1972–73 19.65 — 1–39 1973–74 22.40 0.56 1.51 1974–75 27.12 1.04 1.75 1975–76 33.15 2.82 1.82 1976–77 37.60 2.69 2.16 1977–78 40.20 1.76 2.31 Net income in 1977–78 will also be affected by the receipt of child benefit of £2.50 a week.
The earnings figures used are one-half of the averages of the New Earning Survey estimates of the earnings of full-time adult male workers in all occupations for April at the start and finish of each income tax year. To give the estimated figure for 1977–78, the April 1977 NES figure has been updated to September
SCOTTISH CLEARING BANKS Quarter ending (i) Total sterling deposits (ii) Sterling advances to United Kingdom manufacturing industry (iii) Sterling advances to other United Kingdom productive industry* (iv) (ii) plus (iii) as a percentage of(i) LONDON CLEARING BANKS Percentage equivalent to (iv) £ million £ million £ million 18th August 1976 … 2,490 404 303 28.4 22.3 17th November 1976 … 2,592 473 293 29.6 22.8 16th February 1977 … 2,569 433 297 28.4 24.2 18th May 1977 … 2,655 440 306 28.1 23.2 17th August 1977 … 2,646 460 350 30.6 24.6 * Includes agriculture, forestry and fishing; mining and quarrying; and construction. Source: Bank of England Press Notices, 15th and 26th September 1977.