§ Mr. Ralph HowellTo ask the Chancellor of the Exchequer what would be the estimated loss in revenue of an increase in the tax threshold to £150 per week for all families and £100 for individuals together with a basic tax rate of 25 per cent. inclusive of national insurance contribution.
§ Mr. LilleyAt 1990–91 levels of income, the cost in a full year of adopting the tax regime suggested by my hon. Friend and abolishing class 1 national insurance contributions for employees and class 2 and 4 contributions for the self-employed is estimated to be over £30 billion.
This estimate assumes independent taxation and is based on a projection of the 1987–88 survey of personal incomes and is provisional.