HC Deb 15 December 1976 vol 922 c1535
The Chancellor of the Exchequer (Mr. Denis Healey)

To sum up, the Government's measures amount to a total fiscal adjustment of £1½ billion in 1977–78 and £2 billion in 1978–79. In addition, the PSBR will benefit from the reduced cost of debt interest resulting not only from the lower borrowing requirement but also from the lower level of interest rates which I am confident that these measures will help us to achieve.