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Tax/Social Security Changes (Budget)

Volume 404: debated on Wednesday 30 April 2003

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To ask the Chancellor of the Exchequer if he will set out the basis for his calculations of increases in net taxes and social security contributions as a percentage of GDP in the years to 2007 as summarised in Table C10 of Budget 2003. [110227]

Changes in net taxes and social security contributions as a percentage of GDP, as shown in Table Cio of Budget 2003, are due to a number of factors, including:

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