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Mr. Holmes
asked the Chancellor of the Exchequer whether he will revise the Estimates of Revenue and Expenditure and Surplus on Current Account of Public Authorities, as shown in Tables 12 and 13 of the Economic Survey, by giving figures for 1950 based on the Budget proposals.
| REVISION OF TABLE 12 OF ECONOMIC SURVEY FOR 1950 REVENUE ACCOUNT OF PUBLIC AUTHORITIES(1) | ||||||
| £ million | ||||||
| Receipts | 1949 | 1950 | Payments | 1949 | 1950 | |
| Direct taxes on income | … | 2,028 | 2,050 | Current expenditure on goods and services | 2,037 | 2,220 |
| Direct taxes on capital | … | 253 | 200 | Debt interest | 591 | 585 |
| Indirect taxes | … | 2,183 | 2,225 | Subsidies | 550 | 505 |
| Income from property | … | 148 | 160 | Transfers to persons(2) | 726 | 750 |
| Transfers to private capital account(3) | 216 | 135 | ||||
| Current expenditure | 4,120 | 4,195 | ||||
| Surplus | 492 | 440 | ||||
| Total revenue | … | 4,612 | 4,635 | Current expenditure plus surplus | 4,612 | 4,635 |
| (1) Central Government, local authorities and National Insurance funds. | ||||||
| (2) Social Security Payments, War Pensions, etc. | ||||||
| (3) War damage payments, etc. | ||||||
| REVISION OF TABLE 13 OF ECONOMIC SURVEY FOR 1950 THE FINANCING OF GROSS CAPITAL FORMATION | ||
| £ million | ||
| — | 1949 | 1950 |
| 1. Current surplus of public authorities | 492 | 440 |
| 2. plus Transfers to capital accounts | 216 | 135 |
| 3.less Taxes on capital | − 253 | − 200 |
| 4. Public authorities' provision for depreciation and maintenance | 110 | 110 |
| 5. Additions to reserves for taxes on income | 8 | 20 |
| 6. Total sums set aside through the action of public authorities | 573 | 505 |
| 7. Provision for depreciation by enterprises | 865 | 900 |
| 8. Additions to free reserves by companies and public enterprises | 530 | 600 |
| 9. Gross personal saving | 427 | 480 |
| 10. Total sums set aside out of domestic receipts | 2.395 | 2,485 |
| 11. Gifts and loans from abroad and sums realised by sale of foreign assets | 70 | − 50 |
| 12. Gross domestic capital formation | 2,465 | 2,435 |
| This table is differently arranged from Table 13 in the Economic Survey, since more information can now be given in respect of 1949 than was available when the Economic Survey was compiled. The revised table is consistent with the detailed analysis of the financing of capital formation given in Table 14 of the White Paper on National Income and Expenditure (Cmd. 7933). It should be noted that the figure for gross personal saving is not a forecast but simply the sum which it is estimated will be required if a resurgence of inflationary pressure is to be avoided. | ||