jo less than £440 millions was spont the Government in 1962-63 in assisting private enterprise according to an article in the Barclays Bank Roview for November, Tho reviow says that with the growing emphasis in all circles on the desirability of some moasure of economic planning, it sooms unlikely that participation of tho Government in the private sector will decline.
Of the £440 million, agricultural subsidies accounted for fourfifths, tat a wido range of industries, including forostry, shipbuilding ~~ , rz and textiles received Govermment help. It scems more than possible that tho outhorities will play an increasing part in the affairs of private industry. Provided,that assistance doos not become interference, and prov iding thet it does dmount merely to prolonging the life of a dying industry, the Ileview suggests that this necd not be a bad thing,
£560 MILLIONS from Financial Times
"au Ke) at the end of the 1962-63 financial year amounted to about £8,200 millions, or more than £560 million over the figure et tho end of the the previous financial yoar, Temporary borrowing, however, inoreaded by only £25 m, By far the most important type of borrowing outset- e anding at the end of 1962-63 was that from the Public Works Loan Board and the Northern Ireland Government Loans Fund. This amounted to just over £3,000 million, or 38% of the total,
However, this type of borrowing declined slightly during the yaar end the increase in loan debt was mainly in borrowing by way of other mortgages, which increased by nearly £400 millions to £2,140 illions (264 of the total, Borrowing by way of stock increases increased by about £125 millions in 1962-63 and at the end of the year was £952 millions (12% of the total loan “ebt),
Porhaps the most interesting f.ature of the 1963 survoy of local authority borrowing is tha section on temporary borrowing (loans of up to 12 months! duration), A White Paper was recontly published recommending limitation of short-term borrowing, because it was thought that local euth= orities!' temporary borrowing has beon increasing at a dangerously high rata. The survey she. that this trend has been arrested. The amount of loan debt finenced by temporary borrowing incroased by only about £25 miljon during the year and at the ond of the year amounted to 15% of the total,