RISING APACE

Wairarapa Times-Age, 24 July 1940, Page 6

RISING APACE

BRITISH WAR EXPENDITURE MORE BUDGET DETAILS. J DEMAND FOR ADDITIONAL SAVINGS. (By Telegraph—Press Association—Copyright) (Received This Day, 12.40 p.m.) LONDON, July 23. The Chancellor of the Exchequer (Sir Kingsley Wood) announced that the revised estimated war expenditure for the current year was £2.800 000,000. and said that for the remainder of the 1 year the weekly rate was likely to increase- still further. The rate of expenditure in recent weeks had been £50,000.000 a week rising to £57,000,000 a week in the last four weeks. Expenditure will exceed revenue by about £2,200.000.000. The surtax on incomes exceeding £2.000 is increased from Is 3d to 2s. The peak rate of surtax, namely 9s Cd. operates on incomes of £20.000 instead of £30,000. the State taking nine-tenths of every pound on incomes over £20,000. The rate of tax upon the first £165 of taxable income is being increased to ss. which, together with the increase in the standard income tax rate. will produce £84.000,000 in a full year and £60,000.000 this year. The duty on estates exceeding £lO,OOO is raised by another ten per cent. The duty on light wines is being increased by 2s a gallon and on heavywines by 4s. Preferences for Dominion and Colonial wines are retained. In the week ended July 16 the various savings schemes produced £28,000,000. The Chancellor appealed for a redoubling of these efforts.