§ Now I come to the taxation proposals. After taking into account the economies and the saving on the Sinking Fund I am still faced with a net deficit of £39,000,000 for the current year and £80,000,000 for next year, and the balancing of the Budget both for this year and next demands the imposition of additional taxation to yield those sums. I must look to direct taxation to provide the greater part of this, and it is impossible to find the requisite sum in the field of direct taxation without raising the Income Tax. I propose to increase the standard rate for the current year by 6d. making it 5s. in the £.