§ After these preliminary excursions into the highlands of economics, I must return to the plain. I must tell the Committee how the Exchequer has fared in the last year, both as regards revenue and expenditure. It has always been the practice to give the figures item by item, but I think that this is a somewhat wearisome exercise. The full and detailed figures are in the hands of hon. Members, so I will content myself with a summary.
§ I start with revenue and expenditure above the line. First, revenue. Inland Revenue duties came to £2,539 million, an increase of £61 million over the estimate. All the components of this total were up on the estimate except for death duties, stamp duties and Excess Profits Levy. Customs and Excise produced £2,013 million, £85 million above the April estimate. Almost everything was up, including beer—for it was a fine summer, and a fine summer gives equal satisfaction to the public and the Revenue authorities. Motor vehicle duties and non-tax revenue at £341 million was £37 million above the estimate. So, total revenue above the line was £4,893 million or £183 million above the estimate. So much for the revenue.
§ Expenditure above the line was estimated at £4,562 million. It came out at £4,496 million, £66 million below the estimate. Consolidated Fund services were £45 million up, defence £89 million down and civil supply £22 million down.
§ Now for the summary above the line—estimated surplus £148 million, actual surplus £397 million, or £249 million up. Next, below the line. Receipts were 859 £219 million, up by £27 million. Payments were £757 million, £19 million less than the forecast. So the total net payments turned out at £538 million, or £46 million less than was expected. As a result of all this, the amount which had to be borrowed was not £436 million as had been forecast. It was £141 million, or £295 million less.