Footage of the Chancellor of the Exchequer Sir John Simon giving his budget speech.
Full titles read: "THE BUDGET - SIR JOHN SIMON SPEAKS"
L/S's of Sir John Simon the Chancellor of the Exchequer holding the red budget case. M/S's of Simon giving speech in the Pathe studio. He explains that decisions made in the budget where as a result of increased spending on defence which has been "forced upon us by other countries who have failed to follow are lead in disarmament". His speech is intermixed with aerial shots of large fields of aeroplanes and footage of the fleet.