§ Mr. Pardoeasked the Chancellor of the Exchequer what the principal personal income tax allowances would have to be in April 1978 to restore their real value to the value to that of April 1973, assuming an inflation rate of 12 per cent. in the year ending April 1978; and what the cost would be.
§ Mr. Robert Sheldon,pursuant to his reply—[Official Report, 30th January 232W 1978; Vol. 943, c. 30]—gave the following information:
The principal personal allowances would be:
Allowances £ Single person and wife's earned income 1,304 Married man 1,699 Age—single person *1,534 Age—married man *2,192 *Equivalent to age exemption limits for 1973–74. The estimated cost of increasing allowances to these amounts would be about £2,450 million at 1977–78 income levels.