HC Deb 11 April 1927 vol 205 c64
The CHANCLLOR of the EXCEQUER (Mr. Churchill)

Apart from the Coal Trouble, let us see what has happened to the Revenue of 1926. The main feature is the failure of the Income Tax. After deducting all the losses due to the Strike, the Income Tax yielded about £12,000,000 less than the Estimate. Those are serious and unsatisfactory figures, and I am sure no words are needed to emphasise them to the Committee. On the other hand, Estate Duty and Super-tax show increases between them of £2,750,000, and Sundry Loans and Miscellaneous Revenue exceeded their Estimate by £8,500,000. These variations almost balance each other. In the result, the Revenue, apart from the Strike, is rather more than £1,250,000 below the Estimate; but with the Stoppage—I do not want to quarrel over the particular word—it is £19,000,000 below the Estimate.