BRITISH POLITICS

Hokitika Guardian, 27 April 1926, Page 3

BRITISH POLITICS

BRITAIN’S BUDGET,

[Reuter Telegrams.]

(Rcceivcd this day at 11.0 a.rn.) LONDON, April 26,

Introducing the Budget in the Commons the Hon AY. Churchill regretted that Customs excise had fallen short of the estimate by a million. The nation was richer than a year ago, but while general trade was steadily improving and some important sections were very prosperous, large profits fieing made from rubber and tin, the basic industries of the country were mostly obstinately depressed. The picture was not black or gray, it was piebald, with dark patches less prominent than last year. The estimate of the inland revenue was a million short, and income tax was 2] millions undei the estimate. This was partially offset by the improvement in stamps. The most striking feature was that death duties were 5] millions below anti the super-tax -V, millions above the estimates. Increase in the super-tax was due to a stricter and more efficient collection. The annual noil-taxable revenue increased thirteen millions over the estimates. There would have been a net surplus over all the increases of expenditure of nearly five millions, but for the coal subsidy, which alone was responsible for the deficit of fourteen millions.

Mr Churchill emphasised the remarkable achievement of debt reduction. The total diminution of the past six years had been seventy-five millions annually, which was perhaps some repayment for our immense efforts. He could say. “ Lot us persevere.” The total estimates of expenditure was 812.500,000 against 799,500,000. He estimated at 820,000.000, the actual expenditure last year. Tho new estimates included nearly 19 millions of new additional expenditure, arising from cither the automatic growth of pensions or decisions of policy. Last year there had been a net reduction of seven millions in administrative services, including four millions on armaments. A further continuous olfort is necessary. Air Baldwin had authorised hint to say that the Cabinet Committee on economy would continue its work, and the estimates for the three fighting services would he considered jointly. The Government did not intend to renew the Trade Facilities Act. which had exhausted its usefulness.

The estimated revenue on the existing basis of taxation was 804,704,000. He thus estimated a deficit of 7,9-12,000.