BRITAIN MAKING HUGE PAYMENTS.

Star (Christchurch), Issue 18992, 11 February 1930, Page 1

BRITAIN MAKING HUGE PAYMENTS.

MR SNOWDEN TELLS U.S. OF COUNTRY’S BURDEN,

(United Press Assn.—By Electric Telegraph.—Copyright.) LONDON, February 9. The whole time labour of 2,000,000 British workers, throughout the year, is required to produce the annual cost of the war debt service alone, yet at the present rate of repayment 140 years will be required to liquidate it. said Mr Philip Snowden, Chancellor of the Exchequer, in a “secret” broadcast to America, to which Britain had no opportunity of listening. Emphasising the colossal burden of armaments and war debts which was insufficiently realised by those bearing them, Mr Snowden, recalled that Britain spent £10,000,000.000 in the Great War, apart from the loss of wealth, and the producing capacity of the mil lions withdrawn from useful employment. This necessitated Britain raising yearly from taxation the sum of £350,000,000 for debt service, the taxpayers paying for that purpose £1,000,000 a day, or £40,000 an hour, more than £6OO a minute. In addition to this £115,000,000 was spent annually on the fighting services, and £56,000,000 on war pensions. This means a total of £520,000,000 a year, equalling £IOOO a minute. Thus three-quarters of the taxation goes to paying for the past and preparing for future wars. The average national local taxation works out at £IOO a year a family. This says much for British financial and in dustrial power.