§ Mr. SheermanTo ask the Chancellor of the Exchequer what has been the effect on the Exchequer of each 1 per cent. cut in the higher rate of tax from 60 per cent. to 40 per cent.
§ Mr. LilleyThe 1988 Financial Statement and Budget report estimated the cost of abolishing higher rates above 40 per cent. at £965 million in 1988–89 and £2,070 million in 1989–90. These estimates did not include behavioural effects.