Sir G. Younger did not appeal for a remission of
the tax, but invited Mr. Austen Chamberlain to undertake that 40 per cent, should be the maximum rate next year in order that traders should have some security and be able to ascertain their liabilities in advance. Mr. Chamberlain, however, was „ not to be moved from his position. The amendment was not one which the Government could accept. The tax was the keystone of the Budget, the Budget one of the cruoial Bills of the year. The timu had come to deal with national indebted- ness. Members in every quarter of the House had dwelt upon the evils of inflation. Mr. Chamberlain pointed out that he had, at a considerable sacrifice of revenue, assented to amendments which met most of the points that had been pressed in discussion. The position of the small business had been particularly considezed. Mr. Asquith in effect said that a nation had the -Excess Profits Tax which it deserved.
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