Below is the text of Mr Major’s written Parliamentary Answer on Taxation and Social Security on 8th November 1988.
Mr. Austin Mitchell To ask the Chancellor of the Exchequer what is his estimate of the percentage of gross national product at factor cost taken by total taxes and social security contributions, respectively, in the current financial year and in 1973.
Mr. Major Total taxes and social security contributions were 33.2 per cent. of gross domestic product at market prices in the financial year 1973-74. The equivalent percentage for 1988-89 implied by the economic forecast published by the Treasury on 1 November is 37.4 per cent.