A hundred years ago April 25, 1918. Comment

British War Finance. Year’s Budget.

The following is the concluding portion of Mr. Bonar Law’s [annual] Budget statement [for Britain, announced in London]: The yield from tobacco this year would be £7,500,000. There would be a small additional duty on matches yielding £600,000, also additional 11-8 per hundred weight on sugar yielding this year £12,400,000. The Chancellor announced that there would be a luxury tax following the French example and asked the House to appoint a Select Committee to frame schedules defining articles. The tax would be at the rate of twopence in the shilling. Mr. Bonar Law concluded by expressing the conviction that the House would examine the proposals with a full realisation of the necessities and with a desire to help the Government. He was perfectly certain that the country would bear the additional burden with the same spirit with which it had borne sacrifices far greater than money.

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Printable version | Aug 12, 2020 9:01:28 PM | https://www.thehindu.com/opinion/op-ed/british-war-finance-years-budget/article23662157.ece

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