§ 29. Sir John Hallasked the Chancellor of the Exchequer what is his estimate of the shortfall in cash flow which would result from deferring the payment of excise duties on wines and spirits for two weeks after clearance from bond; and what would be the cost of borrowing an equivalent sum to cover the shortfall over that period.
§ Mr. Robert SheldonIf payment of excise duty on all wines and spirits were deferred for two weeks the shortfall in cash flow would be about £45 million in the current financial year. The cost to the Exchequer of borrowing this amount would be about £3 million a year, at present interest rates.