Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Abolition of the Road Fund and reclassification of certain expenditures
From job-creation, which spans both current and capital expenditure, I turn now to more general comment on public expenditure and the Estimates as published last week. Since the Exchequer, from 1978 on, will finance directly all roads expenditure hitherto financed through the Road Fund, legislation to wind up the fund will be introduced as soon as possible.
Details have already been given of the reclassification of certain expenditures so as to bring them into line with the national accounts classification. As a result of this there is a net transfer of about £12 million from current to capital account in 1978. The corresponding adjustment for 1977 amounts to £8 million. These changes do not affect the Exchequer financing requirement—merely its apportionment as between current and capital account.