The British Government's fiscal policy was put in a nutshell by Sir Kingsley Wood, Chancellor of the Exchequer, speaking in the House of Commons ' yesterday.
He emphasized the Government's economic policy which, he said, found expression, among other things, in the limitation of supplies, concentration of industry, rationing of foot, and clothing, and price control.
"The. question is not whether we can finance the war but whether we shal! conduct it in a manner calculate ed to combat inflation and thus avoid very severe hardships on all classes," the Chancellor declared. "It is my desire and intention resolutely to fight against inflation.
"Current rates of taxation have been. fixed,. butte. deal with the infatonary gap we must look to an increase in the rate of genuine saving.".
"Sir Kingsley Wood continued that the policy of general savings must be related to rigid economy in private affairs, drastic curtailment of civilian consumption. and realisation by everybody that every penny saved and lent to the nation was an essential contribution. to victory.—Reuter.
Exchequer returns for the frst (April-June) quarter of the current financial year show United Kingdom expenditure £1,074000,000, equalling an annual rate of £4,300,000,000 without including United States lease and lend supplies.
Supply services absorbed £985,000,- 000, an average of £11,000,000 daily.
The current rate is even higher, illustrating the progressive intense cation of the war effort. The revenue for the quarter was nearly 70 per cent. higher than a year ago—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.