§ Mr. Ridleyasked the Chancellor of the Exchequer if, at 5th April 1977, the following duties were to be levied at rates revalorised to take account exactly of the change in the value of money since April 1973, what revenue they would yield and what revenue yielded in 1973–74, viz: tobacco duty, spirits, wines, beer, petrol (including value-added tax) and vehicle excise duty.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 28th March 1977; Vol. 929, c. 39], gave the following information:
It is estimated that, with rates of duty—and in the case of road fuel, duty and VAT—higher than in April 1973 by the increase in the retail price index between
166WThese measures should provide a suitable framework within which the industry can operate, and we shall want to see how they work out before contemplating any further changes or any further review of policy. Indeed, in an industy with the long time horizons of forestry, the prospect of further change can only be unsettling, and I hope that the arrangements I have announced will restore confidence and provide a durable basis for the operation of the industry for many years to come.
The following changes in grant aid will be introduced by the Forestry Commission with effect from 1st October 1977.
April 1973 and February 1977, the full year yield in 1976–77 would have been £6,960 million. The Budget estimate was £6,700 million. Receipts of these duties in 1973–74 were £4,019.2 million.