§ Lord Tebbitasked Her Majesty's Government:
Further to the Written Answer by the Lord Sainsbury of Turville on 12 May (WA 44) on business costs and taxation since 1997, why no mention was made of the levy on privatised businesses; and why the answer gave tax rates but made no mention of costs. [HL2965]
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Sainsbury of Turville)The levy on privatised businesses (the "Windfall Tax") was a one-off tax on the excess profits of the privatised utilities, the proceeds of which have directly benefited business through the New Deal.
The reason my previous Answer gave the tax rates and not the cost is because that is the best way to express the tax burden on industry.