§ Mr. Giles Shawasked the Chancellor of the Exchequer what effect the depreciation of the £ sterling had on (a) the food price index and (b) the retail price index in 1976 and 1977.
§ Mr. Robert SheldonIt is not possible to give precise figures, but I estimate that the fall of about 26 per cent. in the effective rate between the end of 1974 and the end of 1976 directly added some 6 per cent. to both the food price index and the retail price index. Virtually all of this increase is estimated to have fed through into prices by the end of 1977.
§ Sir J. Langford-Holtasked the Chancellor of the Exchequer, at the last convenient date, what sum is estimated to have been overpaid and not reclaimed in respect of income tax; and what sum was due to be refunded in respect of income tax and had not yet been refunded.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 26th January 1978; Vol. 942, c. 760], gave the following further reply:
I regret that there is no information about amounts of income tax overpaid and not reclaimed or refunded.