[?]RITAIN'S EFFORT TO STABILISE NATIONAL FINANCES

Rotorua Morning Post, Volume 1, Issue 17, 12 September 1931, Page 3

[?]RITAIN'S EFFORT TO STABILISE NATIONAL FINANCES

j gTIMATED DEFICIT £74,750,000 i (ATION AND ECONOMY TO MEET 5 NATIONAL EMERGENCY d r oi LONDON, Thursday. yc j jntroducing- the Budget in the House of Commons to-day, the es jr of the Exchequer, Mr Philip Snowden, eonfessed that it was ■SI (jisagreeable task of his life. This was the most vital of the iet J gudgets and was necessitated by the fact that the nation had ; t giderable time been living beyond its means. There had been S £20,000,000 in the inland revenue and £4,000,000 in the customs n. ^ duties. esthnated deficit on this year's Budget was £74,750,000 21 he surtax on incomes was being increased by 10 per cent. ^ j) lie bcer tax was to be raised by a penny a pint, yielding I'tobacco tax would be rais::d from 8s lOd to 9s 6d per lb, = £2,500,000 this year and £4,000,000 next year. [n additional 2d per gallon would be placed on petrol, yielding i(jO this year and £7,500,000 next year. fhe entertainments tax was b 3ing increased by 16 2-3 per cent., he ould yield £1,000,000 this y:ar and £2,333,333 next year. ier rom economies and taxation this year it was estimated that the Ba would be £76,200,000, givin ? a surplus of £1,500,000; and next inl revenue of £171,000,000, giv'ng a surplus of £1,500,000. j