Word: chancellor
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Dates: during 1940-1949
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...that's that!" The Chancellor proposed to spend during the coming year $25,500,000 per day.* Putting the year's total war and domestic expenses at $9,334,500,000, Sir John proposed to raise $4,319,000,000 from existing sources of revenue, to get $353,500,000 by additional taxes (including a wholesalers' sales tax whose rate will be set by the House), and to borrow the remaining $4,662,000,000. Many defense items appeared in the new budget in token form and Sir John frankly guessed when he put the "presumed cost...
...taxes which put ordinary British cig-arets up in price from 20? per pack to 25?; matches from 11½? to 2? per box; beer from 9? to 10? per pint; whiskey from $2.50 to $2.80 a bottle. In Britain telephone and telegraph are State monopolies and the Chancellor raised their inland rates 15%, left overseas business rates unchanged to favor British trade. Finally Sir John almost doubled the ordinary British postal rates. Armchair London economists quickly figured that all these measures will cost the "average Briton" an extra shilling and sevenpence weekly...
...brackets British income and supertax payers are being assessed 85% -basic British income tax rate is 37½%. The Chancellor last week invaded lower brackets, making supertax begin at incomes of $5,250 instead of $7,000, and again treating the British white-collar class rough. A married but childless Briton making $1,050 whose income tax was $17.50 the year before last and $24.50 last year will...
...Willing Exertions." In the most significant part of his budget speech the Chancellor left no doubt that His Majesty's Government stands for preserving as much laissez faire in British economy as stress of war permits. He said he had carefully considered but had finally rejected the famed scheme of Professor John Maynard Keynes to force compulsory saving on the British people by impounding at interest considerable portions of their incomes for the duration of the war (TIME, March 25). "Why," asked Sir John warmly, "should we suppose that the willing exertions of our people, if properly roused...
Since British business will need large reserves to weather the storms of war and post-war economics, Sir John announced a measure antipodal to the U. S. undistributed profits tax. The Chancellor said that for the duration of the war British firms will be restrained from paying dividends of more than 4% (or the maximum figure they have paid during the past three years). This "will tend to reduce the spending power in the hands of share holders but it will tend to increase the reserves of companies from undistributed profits." Taking advantage of the period of grace before...