^{note (1) page 4} See page 15.

^{note (2) page 4} This follows from the faster growth in wage-rates and the upward revision to the estimates of import prices (mainly because of copper).

^{note (3) page 4} 2.7 per cent a year, as against 2.9 per cent.

^{note (1) page 6} The full set of assumptions made about the effect of the surcharge is given in table 12, page 19.

^{note (1) page 7} The estimated total for all types of British investment in Australia, New Zealand and South Africa in 1965 is about £100 million.

^{note (1) page 9} Over this particular period, the wage-rates figure is a little below the trend, because of a large crop of wage awards in the first quarter of 1966. The consumer prices figure is a little above the trend, since this period includes two first-to- second-quarter changes, when consumer prices tend to rise sharply because of increases in local rates.

^{note (2) page 9} Including a ‘normal’ positive balancing item.

^{note (3) page 9} Excluding temporary losses made up later.

^{note (1) page 10} The following estimates show the regional effect of the tax. They show the difference in £ million between the regional effects of this tax and a poll tax designed to raise the same sum spread evenly over the whole working population. A plus sign indicates that the present tax is favourable to the region, and conversely :

^{note (2) page 10} Cmnd. 2986.

^{note (1) page 12} The pattern in recent years of the seasonally adjusted figures has shown a steep rise in the early part of the year followed by a period of stability.

^{note (2) page 12} It is possible that in their expenditure figures local authorities have included some items—for example, sewerage and approach roads—which should not really be entered as housing at all.

^{note (1) page 15} This is the ‘reduced’ programme in ‘Public Expend iture : Planning and Control’.

^{note (2) page 15} National Institute Economic Review No. 35, February 1966, table 15, page 24.

^{note (3) page 15} During 1965, hourly wage-rates rose 7.2 per cent. The forecast movement from the end of 1965 to mid-1967 is at an annual rate of 6 per cent.

^{note (1) page 18} For a discussion of the uncertainties which surround this part of the forecast, see National Institute Economic Review No. 35, February 1966, pages 30-31.

^{note (2) page 18} In the tax figures in the personal income and expenditure table, the Central Statistical Office deduct income-tax at the standard rate from personal receipts of dividends, at the time the dividends are received. Any payments of surtax are entered when the surtax is paid.

^{note (1) page 20} It has been suggested that, since the second-hand value of a car tends to move down in steps with the year of its registration, new car purchasers have come to realise that— from the point of view of preserving the second-hand value —January is the best month for buying a car.