• Short Summary

    THE BRITISH CHANCELLOR OF THE EXCHEQUER, MR.REGINALD MAUDLING, WILL PRESENT THE BUDGET SPEECH ON WEDNESDAY,?

  • Description

    THE BRITISH CHANCELLOR OF THE EXCHEQUER, MR.REGINALD MAUDLING, WILL PRESENT THE BUDGET SPEECH ON WEDNESDAY, 3 APRIL IN THE HOUSE OF COMMONS.WITH THE BRITISH ECONOMY IN A DEPRESSED STATE, THE CHANCELLOR IS UNDER PRESSURE TO MAKE CONSIDERABLE CONCESSIONS WHICH WOULD PROVIDE A MUCH-NEEDED STIMULUS.

    MR.MAUDLING'S PROBLEM IS TO RECONCILE THE NEED TO STIMULATE PRODUCTION AT HOME WITH THE NEED TO KEEP FOREIGN EXCHANGE INCOME ROUGHLY IN LINE WITH FOREIGN EXPENDITURE.ON THE FACE OF IT, THIS WILL BE VERY DIFFICULT.

    COMMENTATORS ARE ALMOST UNANIMOUS IN THE OPINION THAT THE COUNTRY'S INDUSTRY NEEDS A POLICY OF STEADY ECONOMIC GROWTH.ONLY IN THIS WAY WILL THE CONFIDENCE GROW WHICH WILL ENABLE FIRMS TO ENTER LONG-TERM PROJECTS AND LIFT THE COUNTRY OUT OF THE PRESENT DANGEROUS STATE OF STAGNATION.

    THE BUDGET IS REGARDED AS AN IMPORTANT INSTRUMENT IN GUARDING THE WHOLE ECONOMY, ALTHOUGH NO CHANCELLOR CAN FORGET THE NARROWER CONSIDERATION OF THE EXCHEQUER'S FINANCIAL POSITION.HENCE, THERE IS CONSIDERABLE SPECULATION WHETHER THERE ARE TO BE MAJOR CUTS IN THE LEVEL OF INCOME TAX.A BOLD STROKE -- PERHAPS TOO BOLD -- WOULD BE A REDUCTION OF NINEPENCE IN THE GBPI IN THE STANDARD RATE OF TAX.THIS SACRIFICE BY THE TREASURY WOULD FREE BETWEEN THREE AND FOUR MILLION POUNDS TO BE USED ON BUYING GOODS IN SHOPS.

    AFTER THE RECENT SEVERE WINTER, UNEMPLOYMENT FIGURES ARE STILL UNEXPECTEDLY HIGH FOR THE TIME OF YEAR, WHILE FACTORIES ARE PRODUCING WELL BELOW NORMAL CAPACITY.THE CHANCELLOR'S PROBLEM IS TO GIVE INDUSTRY AND COMMERCE CONFIDENCE SO THAT THE RE-EMPLOY OUT-OF-WORK MEN, AND RE-EQUIP FACTORIES.WORKERS HAVE BEEN SAVING ALMOST UNPRECEDENTED SUMS IN CASE THEY SHOULD SUDDENLY FIND FACTORY GATES SHUT; MORE WORK WOULD RELEASE THEIR SAVINGS ON HOUSEHOLD GOODS.

    THE CHANCELLOR SEEMS ALREADY COMMITTED TO REMOVE SCHEDULE A INCOME TAX ON OWNER-OCCUPIED HOUSES, A MEASURE REDUCING THE TREASURY'S INCOME BY GBP50 MILLION A YEAR WHICH WILL GO INTO SHOP TILLS AND PAY PACKETS.

    IT IS GENERALLY AGREED BY EXPERTS THAT BENEFICIAL EFFECTS WOULD RESULT FROM THE REDUCTION ON THE HEAVY HYDROCARBON OILS USED AS ROAD FUEL.THESE ARE ALMOST ENTIRELY USED BY HEAVY TRANSPORT AN PUBLIC SERVICE VEHICLES, AND THE REMOVAL OF THE TAX WOULD HELP CONSIDERABLY IN KEEPING DOWN COSTS.

    IN THE LAST YEAR AN ENORMOUS TURNOVER HAS BEEN MADE BY A RANGE OF BUSINESSES WHICH DID NOT, STRICTLY SPEAKING, CONTRIBUTE MUCH TO THE NATION'S ECONOMY.BETTING-SHOPS, PHOTOGRAPHERS AND WOMEN'S HAIRDRESSING ESTABLISHMENTS HAVE ATTRACTED CRITICISM FROM A NUMBER OF QUARTERS.IT IS POSSIBLE THAT ALL THESE WILL HAVE BEEN THE SUBJECT OF INTENSE TREASURY SCRUTINY DURING THE PAST MONTHS, RESULTING IN THE IMPOSITION OF INCREASED TAXATION.

    THE PROBLEM MR.MAUDLING HAS TO FACE IS ONE OF IMPROVING THE STATE OF THE BRITISH ECONOMY WITHOUT PERMITTING THE SITUATION TO ARISE WHERE HE MIGHT BE COMPELLED TO CUT BACK LATER IN THE YEAR.THE SITUATION IS A DELICATE ONE, AGGRAVATED BY THE MOOD OF THE ELECTORATE WHO HAVE SHOWN THE GOVERNMENT AN UNWELCOME SCEPTICISM IN RECENT BY-ELECTIONS.

  • Tags

  • Data

    Film ID:
    VLVA9ED2VCEALBSDA5ABRJK2BV5BE
    Media URN:
    VLVA9ED2VCEALBSDA5ABRJK2BV5BE
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    30/03/1963
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:54:00
    Time in/Out:
    /
    Canister:
    N/A

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