BUDGET PRESENTED TO COMMONS
Surplus Expected This Year “MODEST” RELIEF IN INCOME TAX. (N Z. Press Association—Copyright) LONDON, April 15. Britain expects to balance her 1947-48 Budget, according to the Chancellor of the Exchequer (Dr. Hugh Dalton), but large-scale tax reductions are not likely. Dr. Dalton, who presented the Budget in the House of Commons this afternoon, said that the buoyant revenue in 1946-47 had brought the deficit for that period to £157,000,000 less than was expected. The recoil to a balanced Budget had been even quicker than was expected. The deficit in 1946-47 had been only £569,000,000.
"? lisn °t a starting point for to-day’s excursion,” lie said. "Dur anticipated Budget surplus is a clear sign of our internal financial strength, which all the world should note, But the surplus cannot be regarded as available for wholesale tax reductions.”
Dr. Dalton added that the aim should be a balanced Budget over a series of years. There was an immediate danger of inflation going beyond bounds, and breaking through the various controls now established.
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Press, Volume LXXXIII, Issue 25161, 17 April 1947, Page 7
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173BUDGET PRESENTED TO COMMONS Press, Volume LXXXIII, Issue 25161, 17 April 1947, Page 7
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