The Budget of Lloyd George
The Unionist Free Fooders were not the only group apprehensive about the coming Budget. Unionists generally regarded the Chancellor of the Exchequer with a mixture of distaste and distrust, while the novel and often extravagant tax schemes current among Radicals served merely to increase Unionist alarm and to worry cautious Liberals. All were aware that the Chancellor’s financial difficulties were formidable. A current deficit, an expected lower tax yield in the coming year, increased expenditure on the navy and the cost of Old Age Pensions faced Lloyd George with a prospective deficit for 1909–10 of £16,000,000. In terms of modem public finance, this sum seems small, but to cover it demanded a larger increase in revenue than had ever before been required in times of peace.1 It was Lloyd George’s achievement to turn these fiscal debts into political assets.
KeywordsUnionist Leader Party Leader License Trade Liberal Party Land Valuation
Unable to display preview. Download preview PDF.