§ Mr. Dobsonasked the Chancellor of the Exchequer what is his estimate of the number of new jobs which will be created as a result of the Budget proposals and the number that will be lost.
§ Mr. BiffenQuantitative estimates are unreliable because of the uncertainties about economic behaviour on which they would be based. However, the income tax reductions should raise demand, restore incentives and stimulate the supply
PUBLIC EXPENDITURE AND THE PLANNING TOTAL £ million 1973–74 1974–75 1975–76 1976–77 1977–78 Public expenditure White Paper basis* … 29,318 39,395 49,589 54,831 58,083 add net overseas and market borrowing of nationalised industries (other than short term) 723 630 558 1,251 456 less debt interest … … … … -552 -644 -940 -1,423 -2,009 White Paper planning total … … … 29,489 39,381 49,207 54,659 56,530 *Source: "Financial Statistics" May 1979—table 2.4.