Mr. Holmesasked the Chancellor of the Exchequer whether he will revise the Estimates of Revenue and Expenditure and Surplus on Current Account of Public Authorities, as shown in Tables 12 and 13 35W of the Economic Survey, by giving figures for 1950 based on the Budget proposals.
REVISION OF TABLE 12 OF ECONOMIC SURVEY FOR 1950 REVENUE ACCOUNT OF PUBLIC AUTHORITIES(1) £ million Receipts 1949 1950 Payments 1949 1950 Direct taxes on income … 2,028 2,050 Current expenditure on goods and services 2,037 2,220 Direct taxes on capital … 253 200 Debt interest 591 585 Indirect taxes … 2,183 2,225 Subsidies 550 505 Income from property … 148 160 Transfers to persons(2) 726 750 Transfers to private capital account(3) 216 135 Current expenditure 4,120 4,195 Surplus 492 440 Total revenue … 4,612 4,635 Current expenditure plus surplus 4,612 4,635 (1) Central Government, local authorities and National Insurance funds. (2) Social Security Payments, War Pensions, etc. (3) War damage payments, etc.
REVISION OF TABLE 13 OF ECONOMIC SURVEY FOR 1950 THE FINANCING OF GROSS CAPITAL FORMATION £ million — 1949 1950 1. Current surplus of public authorities 492 440 2. plus Transfers to capital accounts 216 135 3.less Taxes on capital − 253 − 200 4. Public authorities' provision for depreciation and maintenance 110 110 5. Additions to reserves for taxes on income 8 20 6. Total sums set aside through the action of public authorities 573 505 7. Provision for depreciation by enterprises 865 900 8. Additions to free reserves by companies and public enterprises 530 600 9. Gross personal saving 427 480 10. Total sums set aside out of domestic receipts 2.395 2,485 11. Gifts and loans from abroad and sums realised by sale of foreign assets 70 − 50 12. Gross domestic capital formation 2,465 2,435 This table is differently arranged from Table 13 in the Economic Survey, since more information can now be given in respect of 1949 than was available when the Economic Survey was compiled. The revised table is consistent with the detailed analysis of the financing of capital formation given in Table 14 of the White Paper on National Income and Expenditure (Cmd. 7933). It should be noted that the figure for gross personal saving is not a forecast but simply the sum which it is estimated will be required if a resurgence of inflationary pressure is to be avoided.