§ VISCOUNT MONSELLasked Her Majesty's Government what percentage cut in the total Government expenditure would be necessary to save a sum equal to six months' revenue from the new fuel import duties.
§ THE EARL OF SELKIRKIt is estimated that the loss in revenue which the Exchequer would suffer as a result of petrol rationing, if the duty were not increased, would be approximately £6 million per month. The additional duty on hydrocarbon oils will make good this loss with a small margin. In addition, this increase in tax will both reduce the strain on our balance of payments while oil supplies are interrupted and make a contribution towards the necessary reduction in consumption. It is still too early to estimate, with precision, the out-turn of Government expenditure for this financial year, but it is estimated that a cut of approximately 1 per cent. would be necessary in order to save a sum equal to six months' revenue from the new duties.
House adjourned at twenty-seven minutes before seven o'clock, until Tuesday, 22nd January, 1957.