HC Deb 14 April 1964 vol 693 cc272-3

These, then, are my major proposals for financing the cost involved in the great extension of the public services. They should be seen alongside my earlier proposals, for encouraging savings, for reforming the taxation of betting, for safeguarding the revenue and for assisting industry and commerce in various ways to increase efficiency and reduce costs.

The total effect of the changes in taxation which I have announced will be to increase revenue receipts by £103 million in 1964–65 and, therefore, to change the above-the-line deficit of £36 million into a surplus of £67 million. The net borrowing requirement will be reduced from £894 million to £791 million. If we disregard the extra £165 million to be raised on behalf of the local authorities, which I referred to earlier, the estimated net borrowing requirement becomes £626 million as compared with the £687 million for which I budgeted last year.

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