§ Mr. Ripponasked the Chancellor of the Exchequer what reductions in total taxation would be necessary to restore income tax rates and starting points to their 1973–74 equivalents.
§ Mr. Peter Rees[pursuant to his reply, 16 February 1981, c. 46]: If income tax rates—basic, higher, and the investment income surcharge—in 1980–81 were the same as those in 1973–74 and the main personal allowances and bands were revalorised from their 1973–74 levels, using the procedure laid down in the 1980 Finance Act, there 213W would be a fall of £610 million in the yield for a full year at 1980–81 income levels. If minor allowances were also revalorised the total fall would be £645 million.