THE BRITISH BUDGET.

Press, Volume LXIV, Issue 13111, 9 May 1908, Page 9

THE BRITISH BUDGET.

A SUBSTANTIAL SURPLUS. | REDUCTION IN NATIONAL DEBT. \ OLD AGE PENSIONS SCHEME. ! United Press Association—By Electric 1 Telegraph—Coy> right. LONDON, Slay 7. The Budget is anticipated to show ; an expenditure of £152,889,000, and ' a revenue of £157,770,000. ' Mr Asquith appropriates the realised : surplus of £4,776,000 chiefly for old ago nensions. 1 (Received Slay Bth, 10.35 p.m.) LONDON, May 8. j Mr Asquith, the Prime Minister, 1 delivered the Budget to-day. Ho said . the revenue for the past year was ' £156,538.000, of which the income ■ tax yielded £1,180,000 above the estimate. The differentiating system . had proved practicable, had worked - smoothly, and had imparted equality i to a permanent tax. The national 3 debt would bo reduced by £18,030,000, and by the end of 1908 would be re- [ duced to £696,000,000, the same figure I as in 1888. Under his predecessor, reduction had been at the rate of > £9,000,000 a year; under the present * Government it was at the rato of ' £15,500,000. The reduction in the ii'terest on the debt amounted to nearly £1,250,000 a year, all of which was done out of taxation. The time was now approaching to slacken reduction and to relieve the taxpayer. Mr Asquith estimated the expenditure at £152,869,000. Regarding old age pensions, he said the Treasury, and not tho local authorities, must pay ■bho cost of them. Discrimanation was essential. It was proposed to except ' aliens and lunatics. People of 70 1 years of age and upwards, not aotually in receipt of poor law reliof. and undisqualified by recent convicj tion for serious crime, or by posses- . sion of an income of £26 per annum l or upwards, or in the case of marned I coupLes of £30. would be entitled next 1 January to 5s per week. In the case of married couples living together, where both were entitled to a pension, i a pension of 7s 6d would be given. > He assumed that the pensioners would - not exceed half a million, and the 3 maximum cost would be £6,000,000. He proposed a reduction of the sugar i duty by 2s 4d a cwt, or a farthing * a pound, costing the revenue j £3,400,000. Tho cost of pensions from I January to March would be , £1,200,000. ; Mr Austen Chamberlain thought a 5 ffonrtributory compulsory scheme of j pensions might havo been framed with [ su<x:esa. , Mr Chaplin, in complimenting Mr 1 Asquith, both as regards his scheme r and the lucidity with' which he unfolded tho Budget, remarked that einoe Mr Gladstone's great Budget, ho had not heard so great an effort. Mr A. Henderson, Leader of the Labour party, said he was diesatisfied with the pensions scheme, both as re*gards age and income limits. Mr John Burns stated that tho receipt of 10s a -week as superannuation allowance from a trade fund would not disqualify a man for a pension. Mr Lloyd-George intimated that the * Pensions Bill would provide for the ■ if.heme being worked through the > Post Office, which would be tho local > pension authority, the Pension Officer acting under the Ex»ise Department. 3 The usual resolutions were agreed I to, except the income tax resolution, » which will ho discussed hereafter. 3 (Received May 9th, 1.2 a.m.) > The Budget proposes no new taxar tion.