HC Deb 10 September 1931 vol 256 cc309-10

I am now in a position to balance the Budget for the current, year. I have an estimated deficit of £74,000,000. I have allowed for economies this year of £22,000,000; saving on Debt redemption £13,700,000; new taxation this year—Inland Revenue £29,000,000, Customs and Excise £11,500,000. That is £76,200,000 in all to meet a deficit of £74,679,000. That gives an estimated surplus on the new basis of £1,500,000.

In regard to next year I have an estimated deficit of £170,000,000. Economies next year are expected to realise £70,000,000; Debt saving £20,000,000; new taxation—Inland Revenue £57,500,000, Customs and Excise £24,000,000. That is a total of £171,500,000, leaving an estimated surplus of £1,500,000.