§ Lord Blackwellasked Her Majesty's Government:
What rise in tax receipts would result from a 1 per cent rise in nominal Gross Domestic Product and its components assuming no indexation of allowances, following implementation of measures in the Budget statement on 9 April. [HL2550]
§ Lord McIntosh of HaringeyLatest available projections of tax revenues are available in budget 2003 (HC 500). They are based on a deliberately prudent and cautious assumption that trend output growth is ¼ percentage point lower than the Government's neutral view. This corresponds to the lower end of the range of HM Treasury's economic forecasts. Tax forecasts based on alternative forecasts of GDP growth are not available.