BIG REDUCTION IN NATIONAL DEBT.

Chronicle (Levin), 21 May 1947, Page 5

BIG REDUCTION IN NATIONAL DEBT.

Received Wedriesday, 7 p.m. LONDON, May 20. Mr. Dalton, replying in the Commons co the debate on the second reading oi the Finance Biil, said Britain 's nationai deot was reducea tast weetc oy -139,000,000 which was a record toi any one week withm recent memory. Thc-j-overmnent had, in the first year, roJuced the wartinie peak expenditure by i0 per cent and wodld rednce it a iurcner 20 per cent in the secohd yea>.. ^ne vast bulk of the extra £i;000,000,000 with which Mr. Churchill, in his speech at Ayr, charged the Government with spending, was due to thfe stlbstanciaiiy nnproved sociai stivice programme. AFr. DaJtou said a selieme wkS being worked out for exempting a number oi older people from the higlier tobaecb tax or at least a weekly allocation of tobacco. He emphasised tliat the scheme would be diflicult to' administer :tnd it must not be regdrded as a pre cedent. Dbllar imports -were our inost Seridhs anxiety and this would not be the last step which would lifive to bfe taketl toi reduce the dollar drain. Othet proposals would be brought forward when they were ready.