HC Deb 20 October 2003 vol 411 c395W
Mr. Simmonds

To ask the Chancellor of the Exchequer if he will make a statement on the projected change in the overall tax burden as a percentage of GDP for 2003–04. [132988]

Mr. Boateng

The projected change in net taxes and social security contributions as a percentage of GDP in 2003–04, as shown in Table C10 of Budget 2003, is due to a number of factors, including:

  • The return to trend of financial company profits from their current depressed levels;
  • Normal fiscal drag; and
  • Measures announced in Budget 2002.