§ The present Budget will thus provide in a full year a further sum of £239,000,000, and, as I have already stated, I think this sum is all I can reasonably ask for by way of taxation at the present time. It must not be forgotten that the April Budget imposed new charges of the order of £128,000,000, making in all an additional sum of £367,000,000 imposed in the last three months excluding the £40,000,000 to which I have already referred in connection with the 100 per cent. Excess Profits Tax.
§ At an earlier stage in my speech I reminded the Committee of certain special contributions on which we can rely, more particularly by the use of external resources available for purchases overseas, and by the growth here of overseas balances and short-term investments. For the rest, we must look primarily to the large and evergrowing volume of the savings of the people. Already during this war £300,000,000 has been raised by 3 Per Cent. War Loan, £250,000,000 from the sale, since November last, of Savings Certificates and Defence Bonds, and £110,000,000 by the new 2½ Per Cent. National War Bonds. In the week ending Tuesday last £28,000,000 was raised by these means. It is the success of these saving efforts that leads me to be- 656 lieve that this contribution makes the filling of the gap by no means an unmanageable task. I think we can, indeed, take heart for the future from the tact that in a period when so many individual budgets have not only been dislocated by war conditions, but drastically reduced by high taxation, there has been such a satisfactory response to the appeals to the private investor. But clearly these efforts must now be redoubled. I look with confidence for even greater success by the small savings campaign. It can only be achieved if the habit of regular saving, especially through the medium of savings groups, is intensified still further, and [...] address that appeal particularly to the many who are benefiting from our war expenditure by way of increased incomes. The continuous sale of National War Bonds has had an encouraging start, but it will only achieve its object if every one of the large investors plays his part to the full—individuals, financial institutions, companies, firms and trustees. I ask them also to subscribe and to continue to make regular contributions to the utmost of their ability.
§ It cannot be said too often that the problem of financing this war is in the main the problem of directing spending power from all sections of the population into the hands of the State. The Government will continue to assist in this way by the rationing of finished products, the control of materials and the regulation of industry and of labour to limit private consumption. But all such action cannot cover the whole field. Over large sections of the population there will still remain many opportunities for people to forgo not merely luxuries, but what in ordinary times might be regarded as necessary expenditure, and generally to restrict their expenditure to the absolute minimum so that their loans to their country may be their maximum.
§ I say this, in conclusion: The financial problems that face us are undoubtedly many and difficult, but we can have full confidence that they are by no means insurmountable. We have already done much, and we shall continue to do all that lies in our power successfully to overcome them. We have many resources, and of our determination and capacity to use them to the utmost there can be no doubt. Heavy contributions by our people have already been made. Substantial additions will now again be gladly given, 657 and others that will be necessary will not be found wanting. As in the field of war, so in the vital area of national finance, we are determined to continue in our course unceasingly and at any sacrifices until victory has been achieved.
§ 5.36 p.m.
§ The ChairmanI want the Committee to be good enough, if they will, to give a general assent to a course of procedure which I am proposing with such assent to adopt. The Committee will recollect that it was brought to my notice some two years ago by the right hon. Member for East Edinburgh (Mr. Pethick-Lawrence) that the Committee were placed in a difficulty through the Budget Resolutions not being before the Committee until the close of the first day's Debate, and as a result, and with the general assent of the Committee, I have since then adopted a change in procedure by putting from the Chair all the Resolutions (except the last one, which was kept open for the purposes of the general Debate) immediately after the first two speeches following the Chancellor's statement. This course was not entirely approved by some hon. Members who thought it contrary to their ideals of equality of treatment of all Members of the House. The circumstances of the present time—including the fact of the Government being composed of Members of various parties—seem to provide an ideal opportunity for meeting that particular criticism. I therefore suggest to the Committee that they should formally pass all the Resolutions but one now, that is, immediately on the conclusion of the Chancellor's statement. I therefore ask for the general assent of the Committee to this course, of the Chair putting all the Resolutions now, immediately after the Chancellor's statement, with the exception, of course, of the last one, which will be kept open in the usual way for the purposes of keeping open the Debate on the Budget proposals as a whole. I hope that course will meet with the approval of the Committee.
§ Sir William Davison (Kensington, South)Without any speeches at all?
§ The ChairmanDirectly the Committee have passed all the Resolutions except the last one, I shall put to the Committee the last one, and the Debate on the whole of the Budget Resolutions and the Chancellor's statement will then be open on that last Resolution. The only change is in the time at which these Resolutions are pot to the Committee.
§ Sir W. DavisonIt is very important.
§ Mr. Tinker (Leigh)I take it, Sir Dennis, that you are having no speeches now, but reading the Resolutions straight off?
§ The ChairmanThe intention is, no speeches until after these Resolutions have been formally disposed of; and I think it will be to the further advantage of hon. Members, who are no more fond of hearing the sound of my voice than I am myself, that they will have 20 minutes or so in which to get a cup of tea.
§ Sir W. DavisonOn that point. I take it that the Committee will, under existing circumstances, approve of what you have just suggested, but I wish to lodge a caveat that it should not be taken as a precedent when war conditions do not obtain.
§ The ChairmanI think the Committee have already given me the assent for which I asked, and the matter cannot be debated now.