§ Taking revenue and expenditure together, we arrive at an estimated above-the-line surplus of £278 million on the conventional basis, which is an increase of £190 million over the surplus actually achieved in 1952–53. For those recondite ones who like the Alternative Classification, I will say that the surplus is £428 million compared with £275 million, an increase of £153 million.
§ Of the items below-the-line, only two call for particular comment. The first is the payment for war damage, which at £80 million shows an increase of £22 million over last year. This is because the Government have decided to authorise the payment this year of all outstanding claims in respect of war damage to business chattels under Part II of the War Damage Act, 1943. The second is the provision for loans, mainly for housing, to local authorities. At £400 million this is somewhat less than would 47 have been necessary had we not once more given local authorities freedom to go to the market for their capital needs. Apart from this, the items show no very great difference from last year.
§ After taking account of expected receipts the net total to be covered either by the above-the-line surplus, or by borrowing, is £549 million.