§ Mr. Sillarsasked the Chancellor of the Exchequer what has been the total amount of reflation introduced by him in the past 12 months; and what its value would be expressed at 1974 prices.
794Wannounced forecasts and actual outturns for the fiscal years 1970–71 to 1977–78
§ Mr. Joel BarnettThe original forecasts, published in the Financial Statement and Budget Report (FSBR) in the years concerned compare with the outturn as follows:
§ Mr. Denzil DaviesIt is hardly meaningful to present a combined total of policy changes covering a year in which the underlying situation has changed significantly, but the main discretionary fiscal changes effecting 1977–78—announced on 15th December 1976, 29th March 1977, 15th July 1977 and 26th October 1977—amount to a net reduction in public expenditure of £0.8 billion at 1976 survey prices and £1.9 billion reduction in tax receipts—direct cost only, excluding the effects of the sale of BP shares. The direct effect in 1977–78 is to reduce the balance of revenue over expenditure by some £1 billion in 1977–78 prices, or £0.6 billion at 1974 prices, using the estimated GDP deflator.