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Tuesday, 16 August 1960

If additional revenue of £36,900,000 is obtained this year from increased taxation and charges, total estimated cash receipts become £1,812,000,000 and, with total cash expenditures at £1,796,500,000, the net result for the year will be a surplus of £15,500,000. The principal figures can be stated as follows: -


In the Consolidated Revenue Fund estimated receipts would exceed expenditures ordinarily charged to that fund by £125,743,000. It is proposed to appropriate this amount to the Loan Consolidation and Investment Reserve where it will be available to assist in financing the amount required to support Loan Council programmes for this year and to meet other contingent expenditures that may arise, such as an excess of debt redemptions over the amount available to meet them from the National Debt Sinking Fund. So far as it is not required for these purposes, it will be used to redeem outstanding treasury-bills. The estimates of our over all financial position are set out in detail in Statement No. 2 attached to the Budget speech.

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