§ Mr. LANE-FOXasked the Prime Minister whether in his statement that the new taxation imposed by the Budget upon property is evenly balanced by that upon consumers of commodities, he took into his consideration the inevitable increase in the yield of the former after the first year, as compared with the probable automatic decrease of the yield of the latter; and whether he has formed any estimate as to how long the balance of new taxation to which he referred can be maintained?
§ The PRIME MINISTERThe comparison to which the hon. Member refers was expressly stated to be between the estimated yield of the proposed new taxes in the current year. How long the balance is likely to be maintained is a matter of speculation, but I do not, as at present advised, share the hon. Member's view as to the probabilities of the increase and decrease in the future of the respective kinds of revenue.
§ Mr. G. R. LANE-FOXMay I ask whether it is not a fact that the Chancellor of the Exchequer in his Budget statement distinctly told us that in the case of almost every new tax on property there would be a progressive increase, and if that be so, was it a fair way to state the case?
§ The PRIME MINISTERI think it was a perfectly fair way. I confined my estimate to the present year.
§ Mr. SNOWDENWhen he made the statement referred to did he take into consideration the fact that the consumers of the taxed commodities are paying ten times more than the increase that comes to the Exchequer.
§ The PRIME MINISTERThat was not within my purview at the moment.