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The Chancellor of the Exchequer went on to say that

the expenditure for 1920-21 was estimated at £1,184,102,000, while the revenue on the existing basis of taxation was expected to yield £1,341,650,000. While the revenue included no less than £320,000,000 from the sale of war material and stores, which is, strictly speaking, capital, the expenditure included over £300,000,000 for transitory charges due to the war, such as loans to Allies and the bread subsidy. There was an apparent surplus of £164,000,000 for the reduction of Debt, but that was not enough to make a substantial beginning. It would all be required for meeting obligations that would fall due this year, apart from the Floating Debt.

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