Revenue Surplus

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 20 January 1970.

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Photo of Mr David Howell Mr David Howell , Guildford 12:00, 20 January 1970

asked the Chancellor of the Exchequer what is now his estimate of the surplus of all revenues accruing to the public sector over total public spending for the current financial year.

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I would refer the hon. Member to Table 1·2 in "Public Expenditure, 1968–69 to 1973–74" (Cmnd. 4234) which shows the latest estimate of the total balance for 1969–70, a surplus of £542 million.

Photo of Mr David Howell Mr David Howell , Guildford

I have seen that table. Is not part of the surplus arising from the practice of certain public bodies of borrowing abroad and not calling on the National Loans Fund? Is this a policy which the Treasury and the Minister condone and continue to approve?

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

I would be misleading the House if I did not draw attention to the fact that the main reason for the addition to the surplus arises from the extra import deposits, which indeed account for more than £200 million of the increase to which I have referred.

Photo of Mr Terence Higgins Mr Terence Higgins , Worthing

Is it the case that the effects of these borrowings abroad by nationalised industries appear easily in the accounts, particularly in Table 15 of the Financial Statement?

Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester

Yes, they do appear in Table 15.