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Dáil Éireann debate -
Wednesday, 1 Feb 1978

Vol. 303 No. 2

Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Revenue buoyancy

I now come to the opening position on the revenue side of the account. My estimate of total receipts for 1978 from tax and non-tax revenue, as shown in the White Paper Estimates of Receipts and Expenditure, is £2,054 million—an increase of £297 million or 16.9 per cent on 1977. This estimate includes the additional buoyancy which will be generated by expenditure on job-creation and other manifesto commitments.
The tax revenue estimate of £1,744 million included in the total anticipates a 7 per cent growth rate for the economy in 1978. As to the non-tax revenue estimate of £310 million. I should mention that this allows for the effect on receipts of a 1 per cent reduction I am making from today in the lending rate from the Local Loans Fund. This will benefit future purchasers who avail of SDA loans, as well as contributing further to the stimulus we are giving to building and construction. The cost to the Exchequer in 1978 will be about £250,000.
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