§ I desire to discuss now what seems to me the most important feature in a Budget statement at the present time—that is what our position will be at the end of the year on a peace basis, following the rule which was originally introduced by my predecessor. That rule, as I have said, implies that at the end of 698 the Budget year we shall have Revenue sufficient to meet all normal expenditure and the Debt charge without new taxation or new borrowing. I venture to say that, whatever difference of opinion there may be on other aspects of finance, no one will doubt that, as long as it is humanly possible for the country to live up to that standard, it is our absolute duty to see that it is carried out. Starting on this basis, this is the calculation: Our pre-war expenditure was £173,000,000 sterling, excluding service of Debt, but it is evident that, apart from Debt charge, we must add a large item to that amount. There is the amount required for pensions, which at the end of the year cannot fall far short of £50,000,000. There is the addition which the House has already sanctioned for education. There is the normal growth which has taken place, even during the War, owing to a variety of causes due to the War, and there must be other expenses for which some allowance ought to be, made. I have, therefore, added to the pre-war expenditure a total sum for these purposes of £97,000,000, which seems to me adequate in this calculation. That will make our expenditure, apart from the Debt charge, £270,000,000 per annum.