§ I now turn to the Exchequer prospects for 1961–62. I will take expenditure first. I have put the cost of Consolidated Fund services at £815 million, an increase of £46 million over last year's estimate. £20 million of this represents the increased cost of servicing the National Debt; another £11 million is the increase in Northern Ireland's share of the revenue; the remaining £15 million is the settlement between the Exchequer and the Post Office Fund, under the new arrangements recently authorised by Parliament.
§ Total Supply expenditure has already been published in the Vote on Account and the Defence White Paper. The figure is £5,187 million, which, as I said earlier, is £280 million more than last year's Budget estimate, the increase on 810 defence amounting to £48 million and that on civil expenditure to £232 million.
§ Next, I come to the revenue which we may expect on existing rates of taxation. The coming year's receipts from Inland Revenue duties I put at £3,610 million, an increase over last year's outturn of £398 million. From Customs and Excise duties I expect to get £2,455 million, an increase of £65 million. Motor duties I put at £130 million, or £4 million above last year. Other revenue, at £245 million is expected to be £39 million more, after taking into account the special debt repayment from Germany which was announced at the end of last month. In total, I estimate the revenue at £6,440 million, or £506 million more than last year's out-turn.
§ Taking revenue and expenditure together, on the basis of existing taxation there would be a surplus above-the-line of £438 million, compared with last year's estimate of £304 million and the out-turn of £147 million.
§ The estimates for below-the-line payments and receipts have been fully explained in the new White Paper on the subject, so that I need not go through them in detail. I merely recall that net payments are expected to be £575 million, or £34 million more than last year's out-turn.
§ So the prospective overall deficit is £137 million, which compares with last year's estimate of £318 million and the out-turn of £394 million. I remind the Committee that £60 million of this difference is accounted for by the windfall of the German debt repayment in advance.