§ Mr. Callaghan
The changes in taxation which I have just announced will have the effect in a full year, which for present purposes I take as 1966–67, of increasing revenue receipts by £217 million. In 1965–66, the increase in revenue receipts will be £164 million. In addition, there is the £35 million saving from the cancellation of the T.S.R.2 and the increased postal charges totalling £32 million.
Moreover, I expect the external capital account of the balance of payments to benefit by at least £100 million, following the announcements I have made today.
The measures in the Budgets of last November and of today show the sacrifice that the British people will be making in order that we may put our economy right and repay our debts to foreign creditors.