§ I must say a word about the Safeguarding Duties. Let me say in passing that these duties are not primarily revenue duties. Under the Acts imposing these duties four of them are due to expire this year, namely, the duty on lace on 30th June, the duties on cutlery, gloves and gas mantles on 21st December. As we have already announced, we propose to honour the intention of the late Prime Minister and allow the duties to continue until these respective dates, but not to renew them. The consequential loss of revenue will be £521,000 this year, and £823,000 in a full year. As these duties are due to expire under the existing law passed by the late Government, the loss of revenue has already been allowed for in computing the estimates of Customs and Excise revenue for the current year.
§ I may be expected to say something about the McKenna Duties and the Silk Duties. These were imposed by my predecessor as revenue duties, and they 2672 bring in a revenue of about £10,000,000 a year. I regret that the financial position I have inherited—[interruption]—there is time for me to alter my mind yet—will not permit me to repeal these duties in the present Budget, but the pledges of the Government given last year still stand. Likewise, the financial position will not permit me to carry out this year our pledge to remove all the existing food duties, but I reaffirm the statement that I made on behalf of the Government eight months ago, that it is our intention to do so before this Parliament ends—four years hence.