The reduction of the tax on Sugar would be equivalent to a farthing per 1b. on all imported Sugar of a polarization not exceeding U8 degrees in the case of foreign sugar and 99 degrees in the ease of home-grown and Empire sugar, usually described as raw sugar. The rate on home-grown and Empire white sugar would be slightly smaller, while foreign white sugar would continue to pay "the existing duty.
The standard rate of the Income Tax ix not reduced but statutory allowances for children are raised, to £60 for the first child and £50) others compared with £36 and £27, ly, in force at present. This will cost, £2,100,000 this year.
Mr, Churchill balnneed the Budet 1£1,0095,000,000 and the Floating Debt to. 688,750,000,—£65,000,000 wag again allocated to the Sinking: Pund, Ho estimated the expenditure for!
at £806,195,000 as compared 3,340,000 last yen, The Chancellor of the Exchequer said that he proposed to establish a new Fixed Debt Charge of 43 '000,000 a year, which would extings uivh the internal and external debts, including the debt due to the United States, in half a century, without any addition to present taxation, He announced that the ey note and Bank of England Sszue would be amalgamated, There would be no change in the Bating Tax, which, he estimated, would yield '€3,250,000 in the com= Jing finineial year, Mr. Churchill announced a Customs and Excise Duty of Gl. on ancchanical lighters (for cigarettes, ete), producing £40,000 this years and 'a Customs Duty. of 39) per cent, ad valorem, on buttons from April 28, The Daty on British wines, he said, would be raited from 1/- to 1/Gd. per imperial gallon, producing' an additional £65,000 this. year.
Bio estimated the surplus on the existing basis of taxation at £6, 302,000, Excluding the Post Office the Read Fund and the Sinking Fund, the total expenditure in the financial year 1928-9 - would be £076,500,000 compared with £681,- 000,600 last year,
Text read from the printed page and cleaned; old type leaves the occasional error.