Mr. Chamberlain, for once defying immemorial precedents, gave his constituents
at Birmingham on Thursday, February 3rd, a forecast of the coming Budget. The Excess Profits Duty, he announced, would not be renewed. All businesses existing in 1914 would pay the duty for seven years from the time at which they became liable to pay it ; businesses started since July, 1914, would cease to be chargeable after December last. Mr. Chamberlain stated further that he would not propose any new taxes on business or any additions to the Income Tax or Customs duties in making good the loss on Excess Profits Duty. He expressed the belief that the continuance of the duty would prevent a revival of trade, and that the abolition of the duty would assist industry to recover from the depression. He had therefore thought it well to announce the Government's decision forthwith.
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