§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he has any plans to create a Banking Commission to regulate all banks in the United Kingdom.
§ Mr. MaplesNo.
Income tax, NICS and indirect tax payments at multiples of average earnings, 1990–91 and 1991–92—percentages of gross earnings Multiples of average earnings 0.5 per cent. 0.75 per cent. 1 per cent. 1.5 per cent. 2 per cent. 5 per cent. 10 per cent. 1990–91 Single people Income tax 15.6 18.7 20.3 22.0 26.5 34.6 37.3 NICs 6.9 7.6 8.0 6.1 4.6 1.8 0.9 VAT 4.9 4.9 5.1 Other indirect 7.4 6.9 6.6 Total income tax and NICs 22.5 26.3 28.3 28.1 31.1 36.4 38.2 Married, two children Income tax 0.8 8.8 12.9 17.0 22.0 32.8 36.4 NICs 6.9 7.6 8.0 6.1 4.6 1.8 0.9 VAT 4.4 4.8 5.4 Other indirect 8.0 7.1 6.3 Total income tax and NICs 7.7 16.4 20.9 23.1 26.6 34.6 37.3 Married, both working Income tax 0.8 8.9 12.9 16.9 18.9 28.3 34.2 NICs 4.8 6.2 6.9 7.6 7.7 3.7 1.8 VAT 5.1 5.3 5.5 Other indirect 9.5 8.3 7.2 Total income tax and NICs 5.6 15.1 19.8 24.5 26.6 32.0 36.0 1991–92 Single people Income tax 15.4 18.6 20.2 21.8 25.8 34.3 37.2 NICs 6.8 7.5 7.9 6.3 4.8 1.9 1.0 VAT 5.4 5.4 5.6 Other indirect 7.5 7.0 6.7 Total income tax and NICs 22.2 26.1 28.1 28.1 30.6 36.2 38.2 Married, two children Income tax 0.7 8.8 12.8 16.9 21.4 32.5 36.3 NICs 6.8 7.5 7.9 6.3 4.8 1.9 1.0 VAT 4.9 5.4 6.0 Other indirect 8.1 7.2 6.4 Total income tax and NICs 7.5 16.3 20.7 23.2 26.2 34.4 37.3 Married, both working Income tax 0.8 8.9 12.9 16.9 19.0 27.9 33.9 NICs 4.6 6.1 6.8 7.5 7.8 3.8 1.9 VAT 5.7 5.9 6.1 Other indirect 9.6 8.5 7.3 Total income tax and NICs 5.4 15.0 19.7 24.4 26.8 31.7 35.8 Notes
1. Income tax payments are calculated on the assumption that the households receive no tax reliefs other than the standard allowances and only have income from employment. All earners, including wives, are assumed to pay class 1 NI contributions at the contracted-in rate.
2. Since 1990–91, husbands and wives have been taxed independently. Previously the tax liability of couples depended on their joint income. To permit comparisons with earlier years, the table therefore shows income tax and national insurance contributions paid by a married couple as a proportion of their joint income, assuming, as in the earlier years, that where both partners are earners, the husband and wife share the relevant multiple of earnings in the ratio 60:40.
3. In order to provide comparability with 1978–79, when support for children was given partly through child tax allowance, child benefit is treated as a negative income tax for the married couple with two children. (For 1991–92, the child benefit figure is a financial year average).