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Mr. Knox
asked the Chancellor of the Exchequer what increase in revenue would result from an increase in the rate of VAT by 1 per cent.
Dr. Gilbert
About £275 million at 1974–75 rates of expenditure and prices.
Mr. Knox
asked the Chancellor of the Exchequer what would be the effect on the retail price index of an increase in VAT of 1 per cent.
Dr. Gilbert
An increase of about½ per cent.