“CAUTIOUS BUDGET”

Press, Volume XCV, Issue 28250, 11 April 1957, Page 13

“CAUTIOUS BUDGET”

British Press Comment

(Rec. 10 pjn.) LONDON, April 10. The "Financial Times,” commenting today on the British Budget, said: “On the whole, this has been a cautious Budget. It may lean too far towards disinflation, but that is not entirely a fault. It should certainly help to maintain a strong balance of payments and a strong £. That is its important objective. “On the other hand, it does relatively little to deal with the broad problem of over-taxation and it will not help increase investments.”

Morning newspapers headlined tfap Budget news this way:— •’Daily Mail”: “A little bit off the top.”

“News Chronicle”: “The top brass Budget.” “Daily Sketch”: “Cheer ’em up Budget." “Daily Express”: “Get-ahead Budget.” “Daily Herald”: “It means more for those with most.”

“Daily Worker”: “Incentives—for the rich.” The “Manchester Guardian” said Mr Thorneycroft, by his relief for surtax payers, had definitely hoisted the Tory flag. “The Times” said Mr Thorneycroft had made a good start. He had made the right decision that the time had come this year to reduce taxes and the changes he had made were of the right kind.

The “News Chronicle” said: •The great question mark about this Budget is whether it is going to stimulate production—the country’s greatest need. Have the expansionists or the restrictionists won the day? The answer is neither.”

The “Daily Mirror” commented: "We hope Mr Macmillan won’t tell us in the autumn: ‘We can’t afford it after all.’ ” The “Yorkshire Post” said: ‘The Chancellor has done what he could in consonance with his duty to avoid adding to inflationary pressures while this threat to the £ remains.” The Labour-supporting “Daily Herald” said: “There is very little in it for anybody, except the very rich.” “What Was Wanted” The “Daily Telegraph” said: “The justification of the size of the reliefs he has given and of their nature is that they provide a sound basis for a long-term expansion of production and an increase in living standards. That was just what was wanted.” The “Daily Sketch” said: “The remorseless, almost endless rise in taxes, year after year, has been halted. Taxes are going down.” The “Daily Worker” (Communist) said: “Nothing for the old folk. Not a penny piece, either, for the war-disabled. It is a damnable outrage.”