asked the Chancellor of the Exchequer if he will estimate the effect of his proposed increases in duty on tobacco products in the Budget on revenue and the retail price index and the corresponding figures of an increase in duty twice as large.
[pursuant to his reply, 22 April 1980, c. 126]: As recorded in the Financial Statement and Budget Report 1980–81, the Budget increase in tobacco products duty is expected to yield £180 million in 1980–81 and £195 million in a full year. A duty increase twice as large would raise £370 million in a full year including consequential VAT. The impact effects on breakdown has been shown above this amount. Information on a similar basis for the indirect tax increases is not available.mortgages in accordance with the current rate recommended by the Building Societies Association. If the rate had been 11¾ per cent. the rate applying in June 1979 the amounts would be reduced on a pro rata basis.the retail price index would be about 0.3 and 0.6 per cent. respectively.