HC Deb 14 April 1970 vol 799 cc1252-3

That brings me to the end of my proposals. In total, the full year cost to the revenue of the measures I have announced as coming into effect at once may be reckoned at about £220 million; and after taking account of these measures, the central Government should this year have a surplus of £619 million. The public sector as a whole should have a surplus of about £250 million. Thus, the improvement in the balance of public sector transactions which we have brought about in the past two years is being consolidated and sustained.

The Budget endeavours to give limited help where it is most socially necessary, and where, within the existing tax frame-work, it is most reasonable to proceed. No prices should be put up as a result of what I have announced. No one should be effectively worse off. But over 2 million people will be taken out of income tax altogether. And there will be benefit, in varying degrees, for a further 16½ million people who pay income tax and surtax.

The result is a significant lightening of the burden for a very large number of people. But I have deliberately proceeded with caution. We cannot allow the hard-won national gains of the past two years to slip away. I have paid at least as much regard to the needs of industry for credit as to the needs of individuals for tax remission.

This is a Budget for growth, but for suitable growth. It is a Budget for the strength and balance of the economy, on which depends the whole future prospect of the standard of living of our people. It is a Budget not just for today, but a Budget geared to the needs of the whole year ahead, and to the period beyond that, too.