Taxation and Prosperity The Federation of British Industries also issued
on Monday- a Report, expressing grave concern at the increasing taxation upon productive enterprise. It gives figures showing a steadily diminishing net yield from Income Tax since 1925-6, when the present rate of four shillings in the pound was fixed, and a table showing the percentage of the total net income that is derived direct from mining, manufacturing, and productive indus- tries, as compared with the net production from other sources. . The Federation, of course, gets in yet another knock against the " restrictive monetary policy " of Great Britain, to which it attributes mainly the appre- ciation of the pound sterling, with the consequent strain on the National Debt. The Report discovers no evidence that trade during the last twelve months was better than in 1928. It warns the Chancellor of the Exchequer of the cumulative effect of too heavy taxation, and invites him to reduce the estimates. .