§ 53. Mr. H. G. Williamsasked the Chancellor of the Exchequer what has been the excess of expenditure over revenue since 1st April up to the latest date for which the figures are available; and how this excess compares with the corresponding period of the last financial year?
§ Sir J. SimonThe amount up to 29th October, 1938, is £181,988,000 as compared with a figure of £115,304,000 as at 30th October, 1937. These figures, however, do not give any trustworthy indication of the probable outturn of the whole year. As the Budget estimates were some £80,000,000 higher than last year, the excess of expenditure over revenue in the earlier part of the year would naturally be higher also. But, apart from this, some £53,000,000 out of the increase of £67,000,000 relates to Defence expenditure, provision for which will be charged in part to loan.
§ Mr. WilliamsHaving regard to the fact that things are turning out rather worse than was anticipated, can my right hon. Friend indicate the Government's intentions with regard to avoiding a deficit for the next financial year?