Before I deal with the private sector at home, I wish to say something about overseas expenditures.
Government expenditures overseas—defence, aid and administrative—are running at present at a rate which will certainly rise to some E480 million next year and quite possibly, on present trends, to £500 million. I do not believe that we can sustain such a level. My aim is to hold that figure down to £400 million in the year 1962–63. This compares with £330 million in 1958–59.