trom Julian Atkinson
In a perhaps not-too--serious vein the New Scientist in a recent issue offered the following advice to Mr. Mavéling:
"The National Institute of Economic and Social Research has recommended that the Chancellor should mop up something like £200 millions ef the nation's spending money in extra taxation, but it is plain that Mr. Maudling cannot fullow this without seeming to make a confession cf failure. In an election year, he is bound to be reluctant to do this. In any case, there is no way in which he can act immediately. He has to wait until the Budget at the very least, by which time the d*sconcerting ‘nands which the natienal institute has spotted may have beccme much more serieuse
"So why not fiddle with PAYE? By giving the Chancellor authority tr marginal adjustments in the rate of personal taxation, it weuld be possible to regulate the economy much more sensitively. In present circumstances it would be possible to require that the tax year should be advanced by one week in the coming mcnth, so that an extra week's tax (amounting te roughly £100 millicn) would be collected in the month ahead. (this could be cred-~ ited egninst next year's tax if need be, Another way cf doing the same thing would be to make a smalladjustment in personal tax code numbers, so that the total tax collected in the tax year now ending would be increased."