§ Mr. Andrew SmithTo ask the Chancellor of the Exchequer what is his estimate of the reduction in tax take for Her Majesty's Government from banks in respect of the current year, as compared with last year, as a result of their write-down of Third world debt.
§ Mr. Lilley[holding answer 29 February 1988]: Tax receipts in the current year are provisionally estimated to be lower by about £270 million as a result of losses incurred by banks on irrecoverable loans to third world countries. The estimate for 1986–87 is £30 million.