yet. Traders and manufacturers will pay their taxes in full
for 1982-33, so that the Budget for next year promises to be safe enough. The tax-receipt certificates they ,get in exchange will ultimately go back to the Government . as vouchers taking the place of tax-payments (up to their - face-value) in the five years 1934-8. In those years, 'therefore, the Government will be getting in a nominal /76,000,000 in the form of waste paper and it has to , countāthis is the essence of the gambleāon such a .general improvement in the economic position that other .tax-yields will be such as to cover that comfortably. It may turn out so, for the provision that the receipt- certificates are discountable here and now puts a mass :of new money into circulation, quite apart from the ā¢ Ā£37,500,000 the Government is to spend on public works and 235,000,000 to be paid in certificates to employers .who take on new employees. It is not impossible that ā¢ the scheme may justify itself economically by giving trade the necessary stimulus at the critical moment.
