HC Deb 11 November 1964 vol 701 c1039
Mr. Callaghan

The Committee will wish to know how these changes are likely to affect the Exchequer outturn for the current financial year. At this time of year, any forecast of the prospective Exchequer outturn for the current financial year as a whole can only be in very broad terms. Present indications are that, before allowing for the tax changes which I have just announced, the overall deficit at the end of the year would have been some £250 million less than my predecessor's estimate of £791 million. Allowing for the effect of the import charges, the export rebates and the increase in the duty on petrol and diesel oil for road vehicles, the overall deficit at the end of 1964–65 may now be expected to be of the order of £400 to £450 million.

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