§ Baroness Miller of Hendonasked Her Majesty's Government:
What is the total currently realised by 1p in the pound off income tax at the standard rate at present in force.
§ Lord McIntosh of HaringeyThe standard rate of income tax was abolished in 1973. The estimated full year cost of decreasing the basic rate of income tax by 1p would be £1.7 billion at 1997–98 income levels.