§ The Chancellor of the Exchequer (Mr. James Callaghan)In giving the Exchequer outturn for 1964–65, I use the new classification throughout. Total revenue at £8,157 million produced £155 million more than the Budget Estimates after allowing for the effect of last November's measures, mainly on Customs and Excise receipts, where the yield from most of the main heads of revenue has exceeded the estimates. Expenditure, at £7,713 million was £79 million below the Budget estimate, largely because of lower spending on defence and agricultural support.
Thus a surplus of £444 million was available to finance the loans from the Consolidated Fund, which were £830 million; and the Exchequer borrowing and special transactions, therefore, were £386 million.