§ I have felt it right to give preference to the Income Tax payer, who has borne, and for many years will continue to bear, the burden and heat of the day. At the same time I feel that I must make some change in the Corporation Profits Tax. Everyone admits that this is not a good tax; many think that it bears exceptionally heavily on enterprise and industry. I cannot give it up entirely, but I propose to reduce it by one-half, reducing the rate from 1s. to 6d. in respect of profits arising after the 30th June next. This will involve little or no less of revenue this year, and will cost only about £2,000,000 next year. But it will ultimately involve a loss of £12,500,000, against which must be set some increase in Income Tax.