HC Deb 09 April 1962 vol 657 c993

My proposals for changes in indirect taxation will provide revenue of £175 million in 1962–63. almost exactly offsetting the revenue I would have obtained if I had proposed to keep the Customs and Excise surcharge in force for the rest of this financial year. Altogether, taking into account the cost of my concessions on Inland Revenue duties, I expect in 1962–63 to have a surplus above the line of £433 million and an overall deficit, or borrowing requirement on Budget account, of £74 million. This, as I have said, I judge to be about right from the general economic point of view; it is also well within what I expect to be able to borrow from National Savings and other non-market sources.

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