Financial Year (Deficit)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 30th October 1952.

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Photo of Mr Roy Jenkins Mr Roy Jenkins , Birmingham Stechford 12:00 am, 30th October 1952

asked the Chancellor of the Exchequer if he will state, to the latest convenient date, the deficit for this financial year, both on ordinary revenue-expenditure account and on capital account; if he will show by how much these results, adjusted to a yearly basis, differ from his Budget estimates; and if he will give the comparable figures for the two previous financial years.

Photo of Mr John Boyd-Carpenter Mr John Boyd-Carpenter , Kingston upon Thames

As the answer-contains a number of figures, I will with permission, circulate it in the OFFICIAL REPORT.

Photo of Mr Roy Jenkins Mr Roy Jenkins , Birmingham Stechford

Surely the hon. Gentleman can give some indication of what the total size of the deficit is as opposed to the estimates?

Photo of Mr John Boyd-Carpenter Mr John Boyd-Carpenter , Kingston upon Thames

If the hors. Gentleman will scrutinise his own Question, he will see that he demands a substantial number of figures. I have obtained them for him and he will be able to read them in the OFFICIAL REPORT.

Photo of Mr Herbert Williams Mr Herbert Williams , Croydon East

On a point of order. Are not these figures published in the Press every Wednesday?

Photo of Mr William Morrison Mr William Morrison , Cirencester and Tewkesbury

That is not a point of order, and I could not possibly answer that question.

Photo of Mr Douglas Jay Mr Douglas Jay , Battersea North

Is the Financial Secretary proud of the fact that in the first year of his economy campaign he has increased the Budget deficit, increased Government borrowing from the banks and greatly increased public expenditure on debt interest?

Photo of Mr John Boyd-Carpenter Mr John Boyd-Carpenter , Kingston upon Thames

The right hon. Gentleman should not draw any conclusions as to the finance for the year until the year is concluded.

Following are the figures:

The surpluses or deficits above and below the line (on the basis of the Conventional Classification, published in the Financial Statement) as at 25th October, 1952, and the nearest corresponding dates in the two previous years, were as follow:

25th Oct. 195227th Oct. 195128th Oct. 1950
£m£m£m
Above the line- 382- 82+ 59
Below the line- 301- 309- 257

In view of the varying incidence, from year to year, of the normal fluctuations in, revenue and expenditure (including the fact that, in the current year, several of the Budget changes have only recently come fully into, effect), it would be misleading to use these figures as the basis for a forecast of the out-turn of 1952–53.