HC Deb 14 April 1930 vol 237 c2659
The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)

The House of Commons and the country are already painfully aware of the main features of the financial problem with which I have been faced in framing the financial proposals of this Budget. The financial year which ended on the 31st of last month, closed with an actual deficit of £14,523,000, instead of an estimated surplus of £4,096,000. Revenue fell short of the estimated yield by £11,871,000, and expenditure exceeded the original estimate by £6,748,000. The result, therefore, is a failure by £18,619,000 to realise the expectations of last year's Budget.