Revenue, 1919–20.

Part of Orders of the Day — Finance. – in the House of Commons on 29th October 1919.

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The second way in which the position is now more favourable than I antici- pated when I uttered my warning to the House in August is that the deficit of the current year, though large, is less than I then expected, and that the reductions which have been secured are taking earlier and greater effect than I then thought possible.