⁽¹⁾ This calculation derives from our own assessment of the pattern of stockbuilding in the second half of 1963, which is discussed on page 11.

⁽¹⁾ See table 11 of the Statistical Appendix for details.

⁽¹⁾ Cash savings are the difference between disposable income and cash payments. They exceed the official savings figures by the amount of the addition to consumers' credit.

⁽¹⁾ Board of Trade Journal, 27 March 1964, page 670.

⁽¹⁾ The change in productive potential is the change in output (arising from increases in productivity and the labour force) which would keep equilibrium unemployment stable.

⁽¹⁾ Assuming unrecorded net receipts of £50-75 million in the balancing item.

⁽²⁾ Stockbuilding in excess of the ‘normal’ rate necessary to keep stocks rising in line with the long-term trend of output.

⁽³⁾ See Hansard, 14th April 1964, Cols. 253-270 and Economic Review No. 27, February 1964, Chapter 1.

⁽⁴⁾ The fact that the forecasts of demand are uncertain does not, in itself, mean that it is right to over-correct or under- correct when adjusting to the desired pressure of demand. The forecasts indicate the most likely course of events; the possible error is as great in one direction as the other.