BRITISH BUDGET

Manawatu Standard, Volume L, Issue 147, 21 May 1930, Page 7

BRITISH BUDGET

ADDITIONAL TAXATION. EFFECT ON INDUSTRY. DEBATE IN THE COMMONS. (United Press Association. —By Electric Telegraph.—Copyright.) (British Official Wireless.) Received May 21, 11.30 a.m. RUGBY, May 20. In the House of Commons to-night Sir Robert Horne (Conservative) moved the rejection of the motion for the second reading of the Finance Bill. Sir Robert said that owing to the Budget’s heavy additional taxation industry was faced with increased difficulties in competing successfully in the world’s markets. In social services his country had gone twice as far as any other, and by increasing that expenditure, for which revenue could only come from the already over-burdened industry, the existence of the social services themselves was threatened. Sir Herbert Samuel (Liberal), in supporting the bill, recalled that the burden of the rate relief left by the late Government Federation Bill was very heavy, and had been estimated at £24,000,000 by Mr Neville Chamberlain. The present Chancellor was determined to meet his obligations. If there was the smallest improvement in trade the Budget was likely to yield a surplus next year, and perhaps a considerable surplus the year after that. It was a tribute to the British democracy that the Labour Government had not yielded to the temptation to put aside its obligations regarding debts. It was a grim Budget, but he thought it not unjust. Mr F. W. Pethick-Lawrence, Financial Secretary to the Treasury, said that the large size of the Budget was mainly due to the aftermath of the war.