§ Mr. Newtonasked the Chancellor of the Exchequer if he will publish figures showing for the second weeks in January 1975 and January 1977, respectively, expressed both at annual and weekly rates: (a) the gross income of an employed man earning £5,000 a year in the first of these weeks, subsequently increased only by the maximum allowance under stages one and two of the social contract, (b) his tax liability, assuming
Gross income including FAM* Tax NIC†; Mortgage repayments‡; Net disposal income Net disposal income at January 1975 prices§ £ £ £ £ £ £ January 1975 Annually … 3,046.80 578.75 178.26 753.45 1,536.34 1,536.34 4,046.80 908.75 190.32 1,004.60 1,943.13 1,943.13 5,046.80 1,238.75 190.32 1,255.76 2,361.97 2,361.97 Weekly … 58.59 11.13 3.43 14.49 29.54 29.54 77.82 17.48 3.66 19.32 37.36 37.36 97.05 23.82 3.66 24.15 45.42 45.42 January 1977 Annually … 3,555.60 672.91 199.96 812.32 1,870.41 1,352.61 4,598.00 1,037.95 259.90 1,083.10 2,217.25 1603.43 5,598.00 1,387.75 284.44 1,353.86 2,571.95 1,859.93 Weekly … 68.38 12.94 3.85 15.62 35.95 26.01 88.42 19.96 5.00 20.83 42.63 30.83 107.65 26.69 5.47 26.04 49.45 35.76 * It has been assumed that the taxpayer received only the maximum increases allowable under the incomes policy, i.e. a £6 per week flat rate increase followed by the greater of either 5 per cent. of earnings or £4 flat. The amounts included for family allowance were £0.90 per week and £1.50 per week respectively. †; The National Insurance contribution rates are those in force in January 1975 and January 1977, and assume that the contributor was "not contracted out" of the Graduated Pension Scheme in January 1975. ‡; Mortgage repayments assume interest rates of 11 per cent. From January 1975 and 12¼ per cent. From January 1977. § The price index is the General Index of Retail Prices—All Items, and takes account of the change between January 1975 and November 1976.