§ 3.32 p.m.
The Chancellor of the Exchequer (Mr. Derick Heathcoat Amory)The Committee may remember that I announced on 2nd December, in answer to a Question, that, in future, withdrawals of dutiable goods from bond would not be made on Budget day after 4.0 p.m. This releases me from the tyranny of the time table, which forbade me to reach my proposals till after 4.30. So I am now rather more free to arrange what I have to say in the most logical sequence, instead of seeing that I do not reach my more dramatic revelations before the clock strikes its approving chime. I am sure that the relief will be even greater to the Committee than it is to me.
I propose to deal with matters in the following order. First, I shall describe shortly what has happened to the Exchequer in the past year. Then I shall review the progress of the economy, and shall go on from there to say what I expect to happen in the year ahead. I shall then put before the Committee my estimates of how the Exchequer will fare on the basis of existing taxation, and, finally, I shall deal with my proposals for the coming year. It will, perhaps, be helpful to the Committee if I say at the outset that the purpose of my proposals this year will be to consolidate and fortify our present prosperity.