§ Mr. Grieveasked the Chancellor of the Exchequer what income is necessary now 307W to give a retired couple, with no dependent children, the equivalent spending power, after tax, of an income from investments in 1974 of £1,000, £2,000, £3,000, £5,000, £7,000, and £10,000 a year, respectively.
§ Mr. Robert SheldonThe figures are as follows:
Gross investment income in 1974 Gross investment income required in 1976 £ £ 1,000 1,448 2,000 2,957 3,000 4,809 5,000 8,279 7,000 13,837 10,000 47,773 The price index used is the Average General Index of Retail Prices—All Items, for the calendar years 1974 and 1976. Tax rates and allowances are those for the income tax year commencing in April of each calendar year.