Below is the text of Mr Major’s written Parliamentary Answer on the Gross Domestic Product (Taxation) on 25th March 1988.
Mr. Mullin To ask the Chancellor of the Exchequer if he will state the percentage of gross domestic product accounted for by taxation (a) in the financial year 1987–88, (b) in the financial year 1988–89 and (c) in May 1979.
Mr. Major [holding answer 24 March 1988]: Taxes and national insurance contributions are estimated to have accounted for 37.9 per cent. of gross domestic product in 1987–88. The same percentage is forecast for 1988–89, after taking account of the Budget changes. No figures are available for individual months; for the financial year 1979–80, taxes and national insurance contributions accounted for 35.1 per cent of GDP.