§ I shall now give the balance sheet for the present year. In the ordinary course, the logical way of presenting this balance sheet would be to give, first, the new taxation proposed, and, after it had been stated, to make up the Estimate in that way. I am not, however, going to adopt that course. New taxation is the natural peroration of a Budget speech, because it is the part in which the Committee and the country take the greatest interest, and, though in ordinary speeches I never bother about perorations, yet here I think I must adopt the course of giving the new taxation last. I shall, therefore, in making up this balance sheet, give the total amount which I estimate to receive from new taxation, without going into details. With this explanation let me give the figures.
§ The total expenditure we estimate at £2,972,197,000. The Revenue on the existing basis of taxation will be £774,250,000, or an excess over last year of £67,000,000. I may add, as it will interest the Committee, that the Estimate for next year of the Excess Profits Duty is no less a sum than £300,000,000 sterling. The new taxation which I propose will, for the coming year it is estimated, amount to £67,800,000. That will make the total Revenue for the year £842,050,000, leaving a balance to be covered by borrowing of £2,130,147,000.