§ 32. Mr. Nabarroasked the Chancellor of the Exchequer what estimate he has now made of the yield during the period 26th July, 1961 to 5th April, 1962 in terms of additional tax revenue arising from the 10 per cent. regulator advance in all Excise duties; and for what purposes such revenue will be used.
§ Mr. Selwyn LloydWhen the Customs and Excise surcharge was introduced in July, it was estimated that if it continued in force to the end of the financial year it would yield an additional £130 million. The surcharge revenue will be used to fortify the Budget surplus.
§ Mr. NabarroWhat does my right hon. and learned Friend mean by "fortification" in this context? Does he mean that it will be available next April for the very justifiable purpose of reducing taxation? Otherwise, has it not been collected illicitly from hard-pressed taxpayers?
§ Mr. LloydNo, I think that in this context "fortification" means "addition". The addition of this sum to my surplus will make it less necessary for the Government to go to the market to borrow money.