Editing Enoch Powell (section)

==='Morecambe Budget'===
Powell made a speech in [[Morecambe]] on 11 October 1968 on the economy, setting out alternative, radical free-market policies that would later be called the 'Morecambe Budget'. Powell used the financial year of 1968–69 to show how income tax could be halved from 8s&nbsp;3d to 4s&nbsp;3d in the pound (basic rate cut from 41 to 21 per cent){{sfn|Heffer|1998|p=568}}<ref>Roy Lewis, ''Enoch Powell: Principle in Politics'' (Cassell, 1979), p. 69.</ref>{{rp|484}} and how capital gains tax and [[Selective Employment Tax]] could be abolished without reducing expenditure on defence or the social services. These tax reductions required a saving of £2,855,000,000 and this would be funded by eradicating losses in the nationalised industries and privatising the profit-making state concerns; ending all housing subsidies except for those who could not afford their own housing; ending all foreign aid; ending all grants and subsidies in agriculture; ending all assistance to development areas; ending all investment grants;{{sfn|Shepherd|1997|pp=375–376}} and abolishing the [[National Economic Development Council]] and the Prices and Incomes Board.{{sfn|Heffer|1998|p=485}} The cuts in taxation would also allow the state to borrow from the public to spend on capital projects such as hospitals and roads and spend on "the firm and humane treatment of criminals".{{sfn|Heffer|1998|pp=485–486}}