§ Mr. Harold Walkerasked the Chancellor of the Exchequer what increase has occured in the tax and price index since it was instituted; how this compares with the retail price index movement over the same period; and what assessment he has made of the likely movement in the tax and price index as a result of his Budget measures.
§ Sir Geoffrey HoweThe tax and price index increased by 23.4 per cent. between July 1979 and January 1981. The retail prices index increased by 21.0 per cent. over the same period. The measures announced in the Budget will
24Wregion where specified in the annual reports, have been as follows in each year from 1973 to 1979. The 1980 annual report is not yet available.
increase the TPI by about 3½ per cent. compared with the value it would have taken with revalorisation of both specific duties and income tax allowances.