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State Retirement Pension

Volume 405: debated on Monday 19 May 2003

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To ask the Chancellor of the Exchequer to what level the basic rate of income tax would have to be raised to meet the cost of raising the state retirement pension to 8 per cent, of GDP by 2050. [113547]

It is not possible to provide accurate calculations of the revenue impact of rates of income tax as, far ahead as 2050. In particular, the structure of taxation and the distribution of income are likely to change materially over the long term.