Currency question -- Great Britain; Finance -- Great Britain; World War, 1914-1918 -- Economic aspects -- Great Britain
When we look at the details of the Budget, it will be seen that the
Chancellor has made a considerable advance upon his achievement of a
year ago, when he imposed fresh taxation amounting to £26 millions,
twenty of which came from excess profits duty, and could therefore
not be counted upon as permanent, in his Budget for a year which
was expected to add over £1600 millions to the country's debt,
and actually added nearly £2000 millions. For the present year he
anticipates an expenditure of £2972 millions, and he is imposing fresh
taxation which will realise £68 millions in the current year and
£114-1/2 millions in a full year. On the basis of taxation at which it
stood last year he estimates for an increase of £67 millions, income
tax and super-tax on the old basis being expected to bring in £28
millions more, and excess profits duty £80 millions more, against
which decreases were estimated at £3-1/2 millions in Excise and £37
millions in miscellaneous. He thus expects to get a total increase on
the last year's figures of £135 millions, making for the current year
a total revenue of £842 millions, and leaving a total deficit of
£2130 millions to be provided by borrowing. Increases in taxation
on spirits, beer, tobacco, and sugar bring in a total of nearly £41
millions. An increase of a penny in the stamp duty on cheques is
estimated to bring in £750,000 this year and a million in a full year,
and the increases in the income tax and the super-tax will bring in
£23 millions in the present year and £61 millions in a full year.
Increases in postal charges will bring in £3-1/2 millions this year
and £4 millions in a full year.
Public-domain text, read in full here on John Shaqi.
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