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We know now that the capital expenditure of the nationalised industries is to be financed out of below-the-line payments.
If a below-the-line agent is to be designated, he cannot be a below-the-line agent.
Over this period, however, the company's below-the-line charges have mounted.
The postwar credits, too, are non-recurrent, and were paid last year by below-the-line borrowing.
I have a little, although somewhat sentimental, attachment to the terminology "above-the-line"and"below-the-line".
There are also below-the-line agents who are deniable under all circumstances.
The estimated below-the-line deficit, which has to be met by borrowing, was intended last year to be £721 million.
It would not even be possible to raise the money from below-the-line expenditure.
Incidentally, it is a below-the-line receipt, so that it did not really come into the revenue for the year.
That prompts my first question, because the deficit for which we are budgeting includes an enormous below-the-line public works programme.
The below-the-line figures for 1961–62 include £88 million for advances to steel companies and £39 million net for loans to house purchases.
As the below-the-line figures show, the loans to nationalised industries last year were £295 million and the projected loans this year are £370 million.
Again, the word "groups" must apply to people who might have been engaged in a below-the-line security operation.
The answer must be in this difficult twilight zone of above and below-the-line agents.
Above-the-line and below-the-line campaigns mean nothing.
