Captain FABERasked the Chancellor of the Exchequer if he will state the purposes for which Budget surpluses can be used?
§ Mr. HOBHOUSEThe surplus of revenue over expenditure for any financial year is under the provisions of Section 5 of the National Debt (Sinking Fund) Act, 1875, and Section 7 of the Treasury and Exchequer Bills Act, 1877, applicable to the redemption of any of the descriptions of public debt specified in those sections.
Captain FABERCan the surplus be used for any other purpose except for the purposes of the National Debt?
§ Mr. HOBHOUSEIt can with the consent of Parliament. Only on three occasions during the time of the late Government was it so used.