BRTISH DEFENCE COSTS
_ , LONDON, March 1. The Federation of British Industries told the Chancellor of the Exchequer (Mr Hugh Gaitskell) that the way to meet the cost of the defence programme is to cut Government expenditure and not increase taxation.
The federation, in a statement issued to-day, says that no additional taxation can be placed on industry without serious prejudice to the ability of industry to maintain production. The federation also asks that the burden of taxation should be moved from production to consumption, and it argues that a Purchase Tax Advisory Committee should be appointed to ensure that this tax operates with the least possible harm to industry and trade. It says that economies amounting to about £2.000,000,000 could be made in the next three years by saving in central and local Government services. It also urges the withdrawal of the profits tax.
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Press, Volume LXXXVII, Issue 26362, 5 March 1951, Page 7
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144BRTISH DEFENCE COSTS Press, Volume LXXXVII, Issue 26362, 5 March 1951, Page 7
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