Britain’s Budget

Manawatu Times, Volume 68, Issue 161, 9 July 1943, Page 5

Britain’s Budget

(British Official Wlreles*.) Received Thursday, 9.20 p.m. _ RUGBY, July 7. While it could not be pretended any financial fortifications were impregnable, Britain could fairly claim that after four years of unprecedented struggle the financial front-line stood Arm and strong, the Chancellor of tbe Exchequer, Sir Kingsley Wood, said when winding up tbe Budget debate today.

“We have not spared ourselves,” be said. “Our object has been to pay for tbe war as much as we can and this year the Budget expenditure will t>e over eight times what it was ten years ago and the total expenditure since the war began is already double what it was for the whole of the last war. The amount raised in taxation this year is half as large again as the total amount paid in taxes in the last war. We have borrowed a sum more than the whole national debt before tbe war began.” Last year taxes of all kinds took Just under 40 per cent, of all private incomes and the average citizen paid about one third of his entire income. Of the twelve and a half million taxpayers some ten millions belonged to the smaller income groups and wageearners. Sir Kingsley Wood said that out ot every pound spent this year Britain would borrow ten shillings. Through voluntary savings capital of £2,000,000,000 was now in the possession of men and women that would have a profound effect on policy and plans alter the war. One of the great duties of tbe Government would be to maintain economic stability if only in the interests of the small men and women who uow had such a large stake in national affairs.

The Chancellor said it was the desire of some, particularly tbe workers, to pay their taxes week by week, and be would never endeavour to contravert such a system if it could be worked. Tbe matter was under consideration and he bad not given up hope of some reasonable scheme being devised.