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'THE' CHINA MAIL, THURSDAY, APRIL 8, 1948.
CRIPPS' AUSTERITY BUDGET Heavier Taxes On Drink, Tobacco, Pools
Generous Allowances For Lower Income Groups
London, April 6.
The Chancellor of the Exchequer, Sir Stafford Cripps-the reputed "apostle of austerity”—today announced a "restricted plea- sures" Budget.
He imposed heavier taxes on beer, whisky,
and doubled the tax on football pools, popular form of gambling.
In his first Budget speech to a packed House of Com- mons on the financial and economic situation, Sir Stafford balances against those increases o more generous scala of allowancos which will free many lower paid workers from income tax and reduce the tax payments of most "middle class" families with incomes of £350 to £500 a your.
He also announced changes in the purchase on sales tax-the tax on goods regarded as non-essen- tial-which, he said, will cut prices by almost 10 per cent.
Those who draw income from investments will pay a now lovy on a graduated scale, rising from 2/- in the pound sterling on incomes between £250 and £500, to 10/- in the pound sterling on in- comes of £5,000.
Sir Stafford Cripps' new taxes will bring the price of whisky to 33/10d a bottle compared with only 12/0d in 1939.
Beer, which before the war cost d
13d.
week before having to pay at the full 9- in the pound rate. Typi- cal Income tax payments will be: a married man, with two chil- dren, tax
of £5; a married man with, one child, earning £500-
wines and tobacco, the country's most
tendencies this year as compared with inst year.
ал
"TIME" MAN IN RED HANDS
Darlin, Apr. 6.
The American authorities are lodging a protest over the four-day detention by the Russians of Mr. Charles Bear, the Parle manager of the Time and
of Life group magazines, It was understood tonight-Reuter.
promises not to Increase the distribution of profits hava been thoroughly carried out.” There had been a "marked res- onse" to the Government's ap- peal, and many reductions were already in operation the COTL- sumers operatives, in particular, had announced "most valuable"
"It is clear that, despite the large surplus of last year's bud- get, inflationary pressure has not
price reduction in essential food- decreased to any marked extent stuffs, which, he hoped,
"Therefore, Britain must secure stimulate others to follow.
would exceptionally large Budget Sir Stafford raised a surplus big enough to yield a saying he proposed to abolish the laugh by balance after all forms of Gov-excise duty of 8d a gallon on ernment expenditure have been unsweetened table waters. met; hope my
proposals would prove sufficient without weighing unduly heavy on the taxpayers, but we must watch the situation
It was not worth the trouble and manpower to collect it, he sald.
He then proposed to extend the legislation and be able to detect the moment try duties for another three years, governing key indus- when inflationary pressure van-
These duties were originally isher and gives place to deftation. levied at the end of the first
"If such a thing happens, We World War on essential must then make
rapid road-
Justment of our economie and financial pollolem.". Sir Stafford announced that the total revenue for last year was million-346 million £3,845
indus-
and relentine instruments, to pro- tries, such as chemicals, optical
test them against foreign compe-
Lition.
He also proposed to extend for A further four years the provi-
more than the revised Budgetston for stabilising the margin on
a pint, will now cost Tristead £400 £3 a year estimate of last October.
"Cigarettes, now to cost 3/8d for 20, were sold at 1/id for
20 in 1930.
on
£40 10. instead of £53 6; a single nian earning £500-£85 10. in- stead of £110 15; married man without children earning £700-
Surpluses produced 21,921 million but plus of £10
Of this, customs and excise duty
million
over
the estimate.
Beer and wines and spirits at £120 Instead of £155 married 376 million showed a surplus man, with two children, earning of CB million. £2,000-£540 instead of £628 5 The tall, spare Agure of the Chancellor stood before crowd- ed House of Commons for two
Tobacco, too, had "unfortunate- ly" produced a surplus, Tobacco consumption had not gone down
the Imperial Preference on sugar which expires,next August.
Major Proposals
Sir Stafford then announced his major proposals ns:
ALCOHOL-The rate of beer duty would be increased to the equivalent of one ponny a plat of beer of average strength.
The Budget increases the tax on football pools from 10 per cent to 20 per cent and imposes bookmakers at greyhound
There would be a corresponding racing tracks a graduated"
increase of £1 a proof barrel of licensed duty for each meeting hours und 14 minutes to relate
the Government had hoped, whisky, rum, and other spirits. Goods which will be cheaper the new measures to combat in-
The excess over the estimate That would be equivalent of 2/4d of £525 million had been £43 on bottle of whisky of the usual because of the purchase tax nation and encourage production.million, giving a cuts include
carpets, cutlery If his calculations prove correct, million for tobacco.
a total of £588 strength.
The Increase would not apply and sports goods. Half a mil-Britain will end the current finan- tton
The new duty on football and to perfume spirits. Ion workers will
cease to pay ctal year with a surplus of £778 dog race betting, which came in- There would be a general in- Income tax as a resu
result of
of the million. increased allowances.
hitherto.
The first £135 of carnings will now be completely exempt from income tax, compared with £120 Tho Budget also exemple from tax one-nith of
aj person's total earnings, compared with one-sixth
previously. On the first £50 of taxable income, a person will pay 3/- in the pound, as hitherto, but will then be allowed another £250-com- pared with £75 hitherto—at #
- in the pound tax before be coming liable to the full rate of 9/- in the pound.
Meaning Of Change The change means that a single mun will be able to earn £8 174. 0.0 a week and married mon
in her efforts
to..
оп
Warning that Britain could to effect in January, brought increase in the rate of duty
nearly £3,750,000, against the wines corresponding to those for not afford to waste a moment estimate of £3,000,000.
beer and spirits, at recovery, he
For heavy foreign wines, Of this, nearly $2,000,000 came
the declared: "The great act of the from dog race
alisators,
and increase would be the equivalent United States in bringing into the balance from football pools. of 1/-a bottle and for light wines operation the European TO
The rate on heavy wines Income tax at £1,190 million Od. covery programme gives us and was
£ 104 million up again a from South Africa and Australia the Western European counreflection of the increased profts and other Empire countries would trīss time, but time is the scaro- and earnings and evidence of the remain unchanged at the present bat commodity of all
level. today, Inflationary tendencies in the pre- and we cannot afford to wante
There would be corresponding vious year. a moment of It"
Including the tuxation of the changes in the rate for British danger of inflation. "There can Hugh Dalton, his predecessor, in-bottle for light wines and 1/- a Sir Stafford also warned of the Supplementary Budget which Dr. wines the equivalent of 6d a be no doubt that during the last
troduced to relieve inflationary
on the heavy types. bottle year, many algas of inflationary tendencies, the expected surplus The new rates of duty would
pressure were to be observed,"
Inflationary Pressure There would almost certainly with two children 113 8. 0. a be a net increase in inflationary
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for 1947-1948 would have totalled come into force from tomorrow.
£318 million.
They were estimated to yield an "Instead," Bir Stafford said, additional revenue of £45 mil- realised surplus Halion in a full year and £41 mil- amounted to twice that cum- ion In 1948-40.
(Continued on Page 9)
630 million,
Excluding the £22 million for the Sinking Fund, which, for technical reasons, appeared in the Budget "expenditure of last year, the total expenditure showed an excess of only. £0 million over Just April's estimate, or less than one-fifth of one per cent.
The Prospects Dealing with the prospects for this year, the Chancellor said that: on the existing basis of taxation, ha estimated expenditure ati £2,070 million-£205 million less than
estimate April's
and £233 million less than the actual expenditure last year.
Jast
There was A saving of £400 million. Against this there was an increased expenditure of £30 mullion for education. £14 mil- lion for housing, £8 for the post office, and 143 million for the new health services--a total of £195 million, or roughly half the total saving.
"We do not propose to cut so- cial services." he declared.
For defence, 2003 million was provided.
Food subaldies would ba con. tinued at the rate of £400°mj1- Hon
a year. because we are
convinced that, although in] theory they may be inflationary,} In practice they have a precisó. ly opposite effect.
demanda
They restrained the which would otherwise inevitably arise for _increased personal in- comes. The subsidy was equal to about 12/- to 14/- a week for every family. In addition, there least a like sum on social nt services.
The total revenue on "the exist» ing basis of taxation was esti- mated at £3,754 million
war
་་
да
| against an expenditure of £2,070 million, or a prospective surplus of £778 million.
-Reduction Of Debt
As last year, ho would take powers to apply the budget sur- plus as it'accrued to the reduction of maturing debt.
The axpected real surplus" of 1948-49 on the existing basis of taxation would
million amount to £598
On the limitation of profits which the Government had ro quested from industry to match the stabilizatalon of wages, Sir Stafford said: "p
****]-propose" to leave the mate ||-kor, until next year, by which],
Almo we shall see whether the
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