REVENUE ESTIMATE GREITLY EXCEEDED.
RETURNS BUOYANT. Largest Income Tax Yield Ever Recorded. WAR EXPENDITURE FIGURES. Cnited Press Association.—Copyright. (Received 12.30 p.m.) LONDON, April 23. Sir John Simon, in his Budget speech, said: "Seven months ago I earned the House that a £500,000,000 vote might be insuffiaient, but it turned out that we underspent it b.v £91,500,000. "The revenue estimate of £99,500,000 VJS exceeded by £54,000,000. '"The total income tax collected was £390,000,000, which is the largest ever, f °r a single year. Customs and excise yielded £400,000,000, which is £97,500,000 above the estimate. This is chiefly due to an exceptionally large yield from articles on which duty was increased last year. '"Tobacco produced £9,700,000 more tlian was estimated, spirits £1,700,000 ®° re > sugar £4,000,000 more, and beer ~ T 50.000 more. The motor vehicle iorse-power tax yielded £34,000,000 — most striking case of an unexpected yield. Taxes on private automobiles in December, January and February Counted to over £10,500,000, which Keeeded the corresponding three months "f the previous year. Colossal National Debt. "We spent £1,817,000,000, of which ">049,000,000 was drawn from revenue tod the remaining £768,000,000 bor•tjwed. The national debt reached '8)931,000,000 by March 31. .The sum of £122,000,000 was reVe d last year from new savings cerand defence bonds, income from ; ta «4 was £109,000,000 above the ®ount to be repaid. War Expenditure Figures. I War expenditure in the first seven j ° n ths was £ i 05,000,000. Expenditure or _ war purposes on a proportionate ® a «is would be £1,500,000,000 annually, the rate of expenditure is increas■Expenditure for war purposes only March 31, 1941, is estimated at 000,000,000. The estimated total ex-1 Penditure is £2,667,000,000.
"The estimated yield from stamp duties is £19,000,000, national defence contributions and excess profits tax £70,000,000, other revenue duties £1,000,000.
'The total inland revenue on the existing basis of taxation, therefore, is estimated at £058,000.000, compared with £582,000.000 in 1939-40. In addition to war expenditure I must provide for a consolidated fund for the Services and Civil Estimates. First War Loans Raised. "It is noteworthy that we are able to raise the first war loans at 3 per cent. lam assuming that future loans will not exceed the levels recently established. "If the standard rate of income tax remained at last year's figure, it is estimated that it would yield £408,000,000. Owing to the large sums which were issued under the Defence Loans Act last year, the amount available under this Act will be nearly £15.000,000 greater than in 1939. To that extent the additional burden of interest in 1940 can be met without increasing the debt charge. The sum of £230,000,000 will be enough for interest and for management of the national debt. "It is proposed to remove anomalies in children's allowances for income tax and also to exempt the estates of merchant seamen and fishermen killed in the war from death duties.'' OPPOSITION VIEWS. RESOLUTIONS APPROVED. (Received 2 p.m.) LONDON, April 23. Mr. C. R. Attlee. Leader of the Opposition, approved the taxes on beer, spirits, tobacco and matches, but said the postal tax was a more doubtful proposition. Sir Archibald Sinclair, Liberal leader, said the task was to raise the country's production to the highest pitch. The French " were making a vastly greater effort than that asked from Britain to-day.
The Budget resolutions were approved.
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