British Balance Sheet Encouraging

Northern Advocate, 1 April 1946, Page 5

British Balance Sheet Encouraging

LONDON. Mar. 30. : | Britain's balance sheet for the fin- | ancial year ending tomorrow is so ' satisfactory as to encourage hopes that ; the Chancellor of the Exchequer <Dr j Hugh Dalton), when introducing the ' Budget, may provide more reliefs for ' taxpayers, says the Press Association's Parliamentary correspondent. Revenue is up and expenditure down. The most satisfactory feature is that the anxiously expected fall in expenditure, which has taken rather a long time to begin after the end of the war. has now begun. Treasury returns show ordinary expenditure for the financial year at £5,474,779,702, which is more than £380,000,000 less than the Chancellor estimated, and more than £583.000.000 lower than last year. REVENUE HIGHER j Ordinary revenue was £3,284,450.253,1 which is £20,000,000 higher than the estimate and more than £46.000,000 higher than last year.

This means a deficit of £2,190.329.449 which is £565,000,000 less than last year.

Nearly all sources of national income will yield more than expected. Income tax shows the highest jump, with a record yield of £1,361.346,000. which is £10.000,000 higher than the Chancellor's estimate and more than £44.000.000 higher than last year. Excise shows a rise of more than £43,000,000.

Reviving commercial and industrial activity is mirrored in the income from stamps, which is 30 per cent higher than last year. Excess , profits tax shows a drop of more than £46.000,000 but even so it reaches more than £ 430.000.000.

The floating debt increased by £371,000,000 during the year and now amounts to £6.487.000.000.