Summary of draft Estimates
68.
Taken together, the draft Estimates
of revenue and
expenditure for 1988-89, before revenue measures, show a net
surplus on General Revenue Account of $5.6 billion and an
increase in the balances of the funds of $1.7 billion. In
total, therefore, a potential overall surplus for the year of
$7.3 billion is indicated (27).
69.
I have already suggested that there is scope for some
reduction in taxation. In formulating my proposals, I have looked beyond 1988-89. I must emphasise that it will take time.
before the slower economic growth that I have forecast affects
our revenue yields. Furthermore, the full impact on revenue
yields of any tax concessions I introduce will not be felt until
1989-90.
(27)
ESTIMATED SURPLUS/(DEFICIT) 1988-89
(BEFORE REVENUE MEASURES) $M
BEFORE
TRANSFERS
TRANSFERS
AFTER
TRANSFERS
General Revenue Account
Capital Works Reserve Fund] (5,700)
12,984
(7,410)
5,574
6,200
500
Development Loan Fund
Home Ownership Fund
Mass Transit Fund
(1,004)
1,100
96
1,181
1,181
(95)
100
5
Student Loan Fund
(26)
10
(16)
Total
-
Funds
(5,644)
7,410
1,766
TOTAL GENERAL REVENUE
ACCOUNT + FUNDS
7,340
7,340
/70. With
...