Bygone budgets: April 1976

Denis Healey's budget was the first that gave virtual power of veto to an outside organisation - the TUC - leaving Labour MPs bemused and the opposition highly critical. Opposition leader Margaret Thatcher said that taxing people on the basis of TUC decisions was "taxation without representation". The press was taken aback by the chancellor's innovative budget.

Personal income tax allowances
Increases in allowances dependent on the TUC undertaking a 3% ceiling on pay rises.

VAT
Top rate of 25% on luxury goods halved.

Temporary Employment Subsidy
Grants to employers who were in danger of declaring redundancies was doubled to £20 per employee per week, with the scheme extended to the end of 1976.

Child allowance tax relief
Child allowance tax relief increased by £60

Duties
Beer up 1p, wine up 6p, spirits up 32p, with VAT imposed on top of duty.