THE CHINA MAIL, APRIL 9, 1941.
CHINA MAIL
WINDSOR HOUSE
BRITAIN'S IRON BUDGET
None could suggest, having studied the Chan- cellor of the Exchequer's Budget for 1941-42, that the people of Britain have not undertaken with re- solute seriousness the task of carrying this war thr- ough to a victorious con- clusion. Total expenditure in the coming year is es- timated at £4,207,000,000, a figure which takes no account of supplies under the Lease and Lend Act.. which will themselves pro- bably exceed £1,000,000.- 000 m value. The mean - ing is plan: that the Scale of Britain's gigantic effort is to be greatly in- creased; and that the tax- payer must delve even deeper into his pocket.
Sir Kingsley Wood, in- deed, gives him little option. The scale of 11- come tax and surtax is raised to a level which a few years ago would have seemed fantastically ab- surd. The basic rate be- comes 10/- in the pound, and in the higher levels of Income the taxpayer is permitted the somewhat grim satisfaction of re-
4
TAX COLLECTOR
GROSS
PROFITS
IVIDENDS