BUDGET DEBATE.

Manawatu Standard, Volume L, Issue 120, 17 April 1930, Page 7

BUDGET DEBATE.

FORMER CHANCELLOR’S ATTACK. LONDON, April 16. In the House of Commons, to-day, Mr. Winston Churchill, former Chancellor of the Exchequer, opened the attack on tlie Budget. Mr Churchill stated tlr.tt he tnought in taxation Britain had reached a point where it had become a grave impediment to the provision of new wealth. Mr Snowden was imposing £46,500,000 of new taxation. if the Government had not been changed the new taxes would not have been needed. Recalling Mr Snowden’s dictum that nobody need lear a Labour Budget but the idle rich? Mr Churchill stated that the. modern productive millionaire was a highly economical animal, saving more than he consumed. He was a potent ally of the Chancellor, as his payments of supertax and insurance lor death duties already amounted to 14s in fhc £l. They would now be 17s in the £l. When they impaired the rich man’s incentive to save and reinvest, the injury fell on the whole community. Mr Snowden on the one hand was professing the strictest' financial orthodoxy, while Socialist agitators were handing out “hush doles” with both hands, and both were sending in the bill to the taxpayer. The only beneficiaries of the Budget were the bookmakers. After Mr Churchill and Mr Maxton (Labour) had spoken, the. debate sagged, and the House was counted out.