Under the influence of expanding trade, easy money, and cheap food, the nation’s general prosperity in April was increased. More was borrowed than had been forecast, and the national debt rose. The Exchequer balances were swollen, and the revenue surplus became greater than ever before. Inflation added to the benefits of the Trade Facilities Act, and to the advantages of the National Debt Conversion Scheme. Employment improved, and wages rose. Building was resumed on a large scale, and shipping expanded. The coal trade benefited, and so did textiles. Home rails became more active, and gilt-edged securities were in request. The Stock Exchange was busy, and speculation broadened. The bank clearings mounted, and the clearing banks made profits. The spending power of the community increased, and retail trade flourished. The holiday season set in earlier than usual, and the resorts were crowded. The countryside was enlivened, and the rural districts shared the general well-being.
Original dispatch: UK borrows more than forecast in April as inflation adds to benefits bill