Taxation and Borrowing

Oral Answers to Questions — National Finance – in the House of Commons on 25th April 1944.

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Photo of Sir Waldron Smithers Sir Waldron Smithers , Chislehurst

asked the Chancellor of the Exchequer approximately what percentage of the national income is employed through the twin agents of taxation and borrowing, respectively.

Photo of Sir John Anderson Sir John Anderson , Combined Scottish Universities

It is not possible to say what proportions of the Government borrowings represent respectively savings out of income and the investment of other funds. I would, however, refer my hon. Friend to Tables F and E of the new issue of the White Paper on the National Income, which will be published to-day. These Tables show that it is estimated that, in the calendar year 1943, tax liabilities amounted to 36 per cent. and net saving to 19 per cent. of all private income.