Britain Has Spent £12,500,000,000 on War

Manawatu Times, Volume 68, Issue 57, 9 March 1943, Page 3

Britain Has Spent £12,500,000,000 on War

(British Official Wireless.) RUGBY, Mar. 5. Tlie Chancellor of the Exchequer, Sir Kingsley Wood, opening at Mansion House, London’s campaign for the raising of £lqp-million in the 11 Wings for Victory” savings drive, said that some £12,500-million had already been spent directly on the war and the cost was still rising. War expenditure was now over £l4-mi3liou a day. , Announcing that £SOOO-million had been raised in war savings since the beginning of fcha war, he said that Britain must depend largely on the ‘‘less than £SOO a year man,” in whose hands was SO per cent, of the total of the net purchasing power. A far-reaching part of Britain’s financial war policy had been the system of post-war credits, which were now nearly £3OO-milHon for two years. This was spread among 12-million taxpayers, mainly small men. In addition, some 26-million small savers had nearly £I9OO-million in Post Office, Trustee Savings Banks and Ravings certificates. This saving would prove a strong stabilising factor after the war. “We have, obviously, formidable financial problems to face, but not, one that, should dismay us,” Sir Kingsley said. “Foy the current financial year war expenditure had reached £4400million.” He added that taxation provided about 9s in the £, and other sources Is, so 10s, or half the total expenditure, had to be borrowed..