§ First, as to revenue. Revenue last year was £5,158 million. £265 million more than in the preceding financial year, but £40 million below the estimate. Inland Revenue duties came to £2,705 million— £25 million above the estimate. Small increases in the yield from Income Tax and Surtax were partly offset by a reduction in receipts from Profits Tax.
§ Customs and Excise duties yielded £2,101 million. £57 million below the esti- 972 mate. The main factor in this was that receipts from Purchase Tax fell short of the estimate by £52 million, a reflection of the decreased demand for motor cars and other things. Tobacco receipts were £5 million below the estimate; on the other hand, receipts from beer and other alcoholic drinks—in spite of last summer's weather—were £7 million better than expected. Other miscellaneous items of revenue remained fairly close to the estimates.