Conclusion

– in the House of Commons on 25th April 1944.

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On the basis of these revised estimates, I can now give the Committee the three salient features of the outlook for this financial year. First, the prospective deficit, although slightly larger than the actual deficit last year, is practically the same as that which my predecessor thought it right to accept in his Budget a year ago. Second, the revenue from taxation will amount to 52 per cent. of our total expenditure, a higher proportion than in any previous year during this or the last war. It will represent no less than 58 per cent. of the expenditure requiring what I have called domestic finance—a slightly higher percentage than in the year just ended. Thirdly, it appears that it will be within our capacity to finance the prospective deficit from savings and other sources of a non-inflationary character.

In all the circumstances, I have decided that, apart from the quite minor changes already mentioned, it is not necessary for me to propose any additional taxation on this occasion. Therefore, to return to my metaphor of physician and patient, the prescription is "The mixture as before."