Mr. _Asquith, in commenting on the Budget, maintained that the
Chancellor had _not _got a real .surpius.out of -.which to ,remit taxation. The Supplementary :Estimates since the
War' had .been wn average £100,000,000, but Sir :Robert Home was only allowing £25,000,000. That was " a great gamble." 'The • Chancellor ought to look beyond --the -current year. The Income-tax next year, being based on the incomes of -these bad -years, would yield far less -than it would. do -this year, while the-proceeds of the sales of War assets, which-were bought out of borrowed money and ought not to be treated as revenue, would be less than ever. On the other hand, we should have to pay America, in interest on the-loan, £50,000,000 instead -of -half -that amount. In view of these facts, it was unwise to yield -to .a demand, however popular, for a reduction of taxation. Mr.- Olynes, for the Labour Party, welcomed the reduction in the • tea duty and advocated ." a graduated levy on accumulated wealth " in order to liquidate the War debt.
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