HC Deb 04 May 1915 vol 71 c1009

I will give the final balance sheet upon these two assumptions. On the assumption that it is a six months' War, the expenditure will be £790,458,000. The Revenue on the existing basis of taxation would be £267,232,000, and the gross deficiency would be £523,226,000. The suspension of the New Sinking Fund will provide £3,780,000. The additional taxation which I have already indicated to the House will give £3,100,000—that is a total of £6,880,000—and the deficit which has got to be met by some process or other will be £516,346,000. That is on the assumption that the War lasts six months. What are the figures on the assumption that the War lasts a year? The total expenditure will be £1,136,134,000. Deduct revenue on the existing basis of taxation and the two items which I have already given of suspension of Sinking Fund and additional taxation, and the deficit to be met is a deficit of £862,322,000. That is the sum of money which this country will have to raise this year in addition to the revenue for which provision has already been made.