§ In framing this year's Budget, it has been my purpose to give as much encouragement as I believe we can afford to an economy which is now moving in the right direction. To hearken to the voices that urge us only to "borrow, borrow, borrow" would perform no service to British industry or to the unemployed. On the contrary, it would lead only to the dead end of a plummeting exchange rate or a rocketing rate of interest—more probably to both.
§ Better by far to secure, as I have done, a prospective level of borrowing that is below that of the year now ending, and so to maintain our progress towards stable prices. And at the same time, as in each of my three earlier Budgets, to achieve substantial tax reforms, to promote the wider ownership of wealth, and to encourage the productive private sector, which in these past three years has made giant strides towards the restoration of our reputation as a trading nation.
§ This is a Budget that will give confidence at home, that growing markets will be there, for those prepared to go out and win them, and, so, a better prospect of employment opportunities for those who look only for the chance to work.
§ And confidence abroad, that Britain stays on course, to put a dismal record of performance behind us, once and for all.
§ This Budget is designed to give that double boost to confidence. I commend it to the House and to the nation.
§ Mr. Deputy Speaker (Mr. Bernard Weatherill)Under Standing Order No. 94, the first motion, entitled "Provisional Collection of Taxes", must be decided without debate.
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