asked the Minister for Finance if he is aware that there is a deficit of £100 million in the Exchequer returns up to 13th May this year as compared to only £18 million for the same period last year; and if he has any plans to arrest this imbalance.
Ceisteanna—Questions. Oral Answers. - Exchequer Returns.
18.
In considering the Exchequer position as compared with the corresponding period of 1974, it has to be remembered that the 1975 budget envisaged a current budget deficit of the order of £125 million so that it is reasonable to expect that the week-by-week Exchequer deficit in 1975 will be at a higher level than in the corresponding period of last year.
The deficit of £100 million referred to by the Deputy takes account of expenditure of some £45 million on voted capital services so that the deficit on current account alone on 9th May, the date of the Exchequer return, is only slightly over one half of the amount referred to by the Deputy.
In addition it has to be remembered that considerable fluctuations occur in the budgetary position during the course of a year because of a number of factors, including differences in the timing of expenditure and receipts and, accordingly, whatever the budgetary position in the early part of a particular year may appear to be, it will not necessarily reflect the eventual outturn for that year as a whole.
Is the Minister aware that by last Friday the deficit of £100 million had increased further and is he not concerned about this deficit which is much higher than was anticipated in the budget? It is, in fact, running at about £8 million a week——
A question, please, Deputy.
——and would the Minister not feel concerned about it?
Of course the Minister for Finance is concerned about the financial situation. I would, however, point out to the Deputy that the figures he has quoted include £45 million on voted capital services so the deficit on current account is not as the Deputy has depicted it to be. Furthermore, the pattern for the year as a whole is seldom, if ever, the same as the pattern for just a few months of the year.
What deficit does the Minister anticipate he will have on 31st December next?
I am not in a position to anticipate what the deficit will be.
Where is the Minister's crystal ball?