BRITAIN’S BUDGET

Northern Advocate, 9 March 1936, Page 6

BRITAIN’S BUDGET

BIGGEST IN RECENT YEARS TREMENDOUS FIGURES INCLUDED BUOYANCY OF REVENUE OPPORTUNE

(Received noon.) LONDON, March 8,

It is becoming apparent that the country will be faced with its biggest Budget of recent years, the total being likely to' approach £800,000,000. Viscount Snowden’s Budget of J 931 amounted to £803,000,000, . but it included £52,000,000 for the Sinking Fund. It is evident that the Chancellor of the Exchequer, Mr. Neville Chamberlain, will not be able to make tax concessions in his Budget.

Defence estimates alone .are nearly £34,000,000 above last year. The cost of the White Paper proposals depends partly on the reaction of other countries to the British rearmament programme, but the city estimates that at least £26,000,000 will be required for 1936-37. The Civil Estimates show an increase of £4,600,000. The Chancellor is, thus obliged, assuming debt services are the same, to find £772,600,000. Last year he budgeted for £734,470,000. Revenue is expected to exce'ed the estimate by £20,000,000, thus leaving Mr Chamberlain with a further £20,000,000 to find in order to cover £772,600,000.

The city considers the buoyancy of revenue may suffice to meet the demand, but there will be no ;oom for tax concessions. It is fortunate, however, that the new liabilities will come at a time when revenue is buoyant and business active, and even thriving in many districts. The Estimates show the following increases compared with last year;—Navy, £9,880,001); army, £5,731,000; air, £18,350,000; civil list, £12.275,000; revenue, £330,000. Mr Chamberlain last year provided an additional £8,000,000 for restoration of salaries and wage cuts, and must also, this year, make substantial provision, probably £20,000,000, towards the new defence programme.